Asian markets stabilise on higher US stock futures

KUALA LUMPUR: Regional markets shrugged off the overnight panic selling at Wall Street to pare down their losses on Thursday, Aug 11 as higher US stock futures calmed frayed investor nerves after a steep selloff.

But investors remained reluctant to place long-term bets as trading remained whippy, especially as concerns persisted about the US economic slowdown and uncertainty lingered over how Europe would tackle a sovereign debt crisis that is threatening its banking system, according to Reuters.

The FBM KLCI narrowed its losses to just 4.06 points to close at 1,476.46. The index had opened 22.62 points lower at 1,458.26 this morning.

Losers led gainers by 434 to 376, while 257 counters traded unchanged. Volume was 1.14 billion shares valued at RM2.29 billion.

At the regional markets, the Shanghai Composite Index rose 1.27% to 2,581.51 and South Korea’s Kospi added 0.62% to 1,817.44.

Meanwhile, Japan’s Nikkei 225 shed 0.63% to 8,981.94, Hong Kong’s Hang Seng Index lost 0.95% to 19,595.14, Singapore’s Straits Times Index fell 0.88% to 2,796.22 and Taiwan’s Taiex was down 0.22% to 7,719.09.

On Bursa Malaysia, Top Glove led the losers list and fell 58 sen to RM5.30; F&N fell 38 sen to RM18.08, Tan Chong 27 sen to RM4.81, United PLANTATION []s and RCI 20 sen each to RM18.60 and RM1.68, Advanced Packaging 19 sen to RM1.13,while Sungei Bagan and Dutch Lady fell 18 sen each to RM2.65 and RM17.90.

AirAsia was the most actively traded counter with 53.2 million shares done. The stock fell four sen to RM3.50.

Other actives included MAS, Dutaland, Axiata, I-Power, Petronas Chemicals, E&O and UEM Land.

Among the gainers, Petronas Gas added 56 sen to RM13.18, BAT 32 sen to RM43.92, Lafarge Malayan Cement 30 sen to RM7, MSC 22 sen to RM4.36, Ta Ann, DiGi and YTL Cement up 20 sen each to RM5.30, RM29.80 and RM4.64 respectively, Yinson 16 sen to RM1.98 and BRDB 15 sen to RM2.07.