Asian markets hammered yet again

KUALA LUMPUR: Asian markets, including Bursa Malaysia, were hammered on Tuesday, Oct 18 as a confluence of worrying news weighed on sentiment and caused investors to sell down riskier assets.

The Asian markets had opened lower on Tuesday, in line with the decline at the US markets on Monday after German finance minister Wolfgang Schaeuble said it was not realistic to expect a definitive solution to the euro zone debt crisis at an EU summit this weekend.

Meanwhile, European shares fell for a second straight day on Tuesday, after Moody's warned on France's rating outlook and Chinese data showed growth in the world's second biggest economy slowed, according to Reuters.

China's economic expansion eased slightly in the third quarter to its slowest pace since the second quarter of 2009, while Moody's warned it may slap a negative outlook on France's AAA credit rating in the next three months.

The FBM KLCI fell 1.73% or 25.41 points to 1,439.94, weighed by losses including at PLANTATION []s and blue chip stocks.

Losers thumped gainers by 705 to 145, while 173 counters traded unchanged. Volume was 1.36 billion shares valued at RM1.37 billion.

At the regional markets, Hong Kong’s Hang Seng Index tumbled 4.23% to 18,076.46, the Shanghai Composite Index lost 2.33% to 2,383.49, Singapore’s Straits Times Index fell 1.95% to 2,724.69, Japan’s Nikkei 225 was down 1.55% to 8,741.91, South Korea’s Kospi lost 1.41% to 1,838.90 and Taiwan’s Taiex shed 1.36% to 7,359.48.

Among the major losers, PPB fell 44 sen to RM16.50, KLK 28 sen to RM20.70, Sime Darby 25 sen to RM8.65, Tenaga 22 sen to RM5.35, while Aeon, Panasonic, Eng teknologi, MMHE and RHB Capital lost 20 sen each to RM6.90, RM20.30, RM1.54, RM5.95 and RM7.20 respectively.

Harvest Court was the most actively traded counter with 65.4 million shares done. The stock rose five sen to 25.5 sen.

Other actives included HWGB, GPRO, SAAG, OSK, ASB and Tanco.

Meanwhile, gainers included PacificMas, Tradewinds, Lafarge Malayan Cement, Leader Universal, SHL, Asia File, Petronas Dagangan, Batu Kawan and Harrisons.