Asian markets slide, KLCI least affected

KUALA LUMPUR: Asian markets skidded in the morning session on Wednesday, dragged down by worries about widening credit losses, but the KL Composite Index managed to claw back from an earlier slide to emerge as the least affected.

Major Asian benchmark indices reported losses of between 0.78% and 2.17%.

At 12.30pm, the KLCI was down 0.11% or 1.38 points to 1,286.06, off the early low of 1,279.5. The FBM Emas fell 21.68 points to 8,621.10 but the FBM Second Board gained 18.76 points to 5,788.17.

Turnover was 245.54 million shares valued at RM530.8mil. There were 163 gainers, 330 losers and 224 counters unchanged.

Japan’s Nikkei 225 was the top loser, down 2.17% or 307.94 points to 13,852.15, Shanghai’s A Share Index 1.87% lower at 3,545.21, Singapore’s Straits Times Index 0.78%lower at 3,175.07 and Hong Kong’s Hang Seng Index 0.68% lower at 24,998.89.

Light crude oil was at US$129.06 while crude palm oil futures rose RM12 to RM3,566 per tonne. The ringgit was at RM3.226 to the US dollar.

At Bursa Malaysia, the broader market was cautious with decliners beating advancers two to one due to the current political uncertainties.

YTL Power-WR fell 13 sen to 74 sen in active trade, with 17.86 million units done while YTL Power-WA lost 12 sen to 95 sen. YTL shares fell seven sen to RM2.15.

Nestle was the top loser, down 25 sen to RM29.75 as investors locked in recent gains, United Plantations lost 20 sen to RM14, the shares fell seven sen to RM2.15.

Mudajaya lost 12 sen to RM3.50 despite that the contractor had RM3.2bil jobs in hand. Bursa and Parkson fell 10 sen each to RM8.30 and RM6.65 respectively.

United Plantations fell 20 sen to RM14 but IOI Corp and Sime Darby added five sen each to RM7.55 and RM9.70.

Kulim surged 30 sen to RM8.70 while the Kulim-WB added 35 sen to RM6.25 and Sindora gained 12 sen to RM2.18. The independent investment adviser for Sindora had recommended minority shareholders reject Kulim’s RM1.72 per share offer.

Boustead rose 25 sen to RM5.55, Public Bank-foreign 20 sen higher to RM11.70 and Ramunia 11 sen to RM1.41.