By JOSEPH CHIN The Star OnlineKUALA LUMPUR: Asian markets fell sharply in the morning session on Thursday with Japan the worst hit, on rising fears of a global recession despite the coordinated moves by the US and European government to shore up the banking sector.
Asian markets registered losses of between 3.67% and 9.8% with Japan’s benchmark Nikkei 225 the worst hit.
At midday, Japan’s Nikkei 225 fell 9.8% or 935 points to 8,611.6, Hong Kong’s Hang Seng Index 7.58% lower to 14,785.6, Singapore’s Straits Times Index skidded 6.63% to 1,922.81 and Shanghai’s A Share Index slipped 3.67% to 2,018.09.
The KL Composite Index was at its lowest since June 2006. It fell to 914.35, down 35.53 points or 3.74%. Turnover was 461 million shares valued at RM551mil. Declining stocks whacked advancers nearly 19 to one. There were only 33 gainers, 622 losers and 91 counters unchanged.
Light crude oil fell US$1.21 to US$73.33 while the crude palm oil futures lost RM98 to RM1,650. The ringgit was quoted at RM3.523 to the US dollar.
Meanwhile, the Malaysian Institute of Economic Research had had raised GDP growth from 4.6% this year to 5.3% but it expected a tougher year in 2009. It forecast GDP to grow 3.4% next year due to worsening global outlook.
At Bursa Malaysia, margin calls dragged KNM down 16.5 sen to 52.5 sen. It was the most active with 216.59 million shares done. KNM’s 263.73 million new shares issued pursuant to the renounceable rights issue at RM4 each were listed on June 30.
Weaker CPO prices saw IOI Corp falling 32 sen in active trade while Sime Darby lost 25 sen to RM6.50.
Tenaga, which is scheduled to announce its earnings after market close, fell 35 sen to RM6.40.
KL Kepong was the top loser, down 65 sen to RM7.90, SOP-WA 33 sen to RM1 while Boustead slid 32 sen to RM3.48 and Putrajaya Perdana 30 sen to RM4.36.
Among banking stocks BCHB fell 40 sen to RM7.30, Public Bank 25 sen to RM8.65 and the foreign shares 30 sen to RM8.40. Maybank shed 25 sen to RM5.50
PacificMas rose 12 sen to RM4.12, Measat seven sen to RM1.17and JTI six sen to RM4.26.
1 comment:
It seems like what Robert Kiyosaki predicted in his book has eventually become true. The weakening of major world economies. All countries affected and the strongest most hit. Most of the figures here are not so digestible to my understanding but seems like a world recession is almost inevitable.
My Life in Kuala Lumpur
Post a Comment