Asian markets remain in the red at mid-day on Eurozone jitters

KUALA LUMPUR (Dec 6): Asian markets extended their losses at mid-day on Tuesday, after Standard & Poor's warned that the credit ratings of top-rated European nations may be cut.

The rating agency’s warning brought to a halt a rally in global equities that began last week and had continued on Monday, when the leaders of France and Germany agreed a plan aimed at guiding the region out of its two-year-old crisis, according to Reuters.

The FBM KLCI was down 9.90 points to 1,480.05 at the mid-day break.

Market breadth was negative with losers leading gainers by 404 to 199, while 268 counters traded unchanged. Volume was 1.36 billion shares valued at RM616.77 million.

The ringgit weakened 0.19% to 3.1380 versus the US dollar; crude palm oil futures for the third month delivery fell RM23 per tonne to RM3,103, crude oil slipped 46 cents per barrel to US$100.53 while gold fell US$10.35 an ounce to US$1,712.65.

At the regional markets, Japan’s Nikkei 225 fell 1.23% to 8,588.66, Hong Kong’s Hang Seng Index lost 1.51% to 18,889.76, Taiwan’s Taiex was down 1.2% to 7,012.63, South Korea’s Kospi lost 0.98% to 1,904.11, Singapore’s Straits Times Index fell 0.97% to 2,739.37 and the Shanghai Composite Index shed 0.78% to 2,315.12.

On Bursa Malaysia, KLK fell 34 sen to RM21.64, Batu Kawan and Nestle lost 20 sen each to RM16.90 and RM53, Aeon and Hong Leong Bank down 14 sen each to RM7.21 and RM10.70, CIMB fell 13 sen to RM7.08 while Proton lost 11 sen to RM4.39.

Among the gainers, Dutch Lady added 20 sen to RM25.10, Orient 19 sen to RM4.67, Tradewinds PLANTATION []s 13 sen to RM4.55, United Plantations 12 sen to RM18.48, UM Land 11 sen to RM1.53, Mintye and LPI Capital up 10 sen each to RM1.30 and RM13, Muda 8.5 sen to 95.5 sen and Nylex eight sen to 63 sen.

Utopia was the most actively traded counter with 115.4 million shares done. The stock added two sen to 12 sen.

Other actives included Sanichi, Compugates, Proton securities and DRB-Hicom securities.