Key Asian markets fell at midday on Wednesday, registering losses of up to 3%, as crude oil prices fell and hopes of China’s stimulus programme fizzled out temporarily.
Southeast Asian stock markets fell on Wednesday, with Singapore hitting a more than four-year low and the Philippines dropping to a near oversold level, as weakening global oil prices dented sentiment in Asia, Reuters reported.
At 12.30pm, the KLCI was down 6.87 points or 0.42% to 1,622.35, dragged down by losses in Petronas Chemicals, CIMB and Maybank. Turnover was 1.24 billion shares valued at RM909.93mil. The broader market was weaker with 706 decliners to 141 advancers and 248 counters unchanged.
The ringgit weakened against the US dollar and Singapore unit. It was at 4.3702 to the greenback from 4.3647 while it was lower against the Singapore’s dollar at 3.0403 from 3.0400 but firmed up against the pound sterling at 6.1856 from 6.2418.
US light crude oil fell 84 cents to US$27.62 and Brent was down 50 cents to US$28.26 on worries about global oversupply.
Petronas Chemicals fell 22 sen to RM6.97 with 5.24 million shares done but Petronas Gas added 10 sen to RM21.20 ad Petronas Dagangan eight sen to RM23.80. SapuraKencana fell six sen to RM1.63. Shell Refining lost 16 sen to RM5.28 and Refiner Petron lost 15 sen to RM6.50.
Glove makers Kossan and Top Glove were among the top losers as investors took profit amid the volatile markets. Kossan lost 25 sen to RM8.75 and Top Glove 20 sen to RM13.70.
Burn-in tester KESM fell 24 sen to RM5.40.
Poultry Lay Hong lost 20 sen to RM8.29 after the unusual market activity following the price surge.
Furniture-based Latitude was down 25 sen to RM7.70.
Among stretch film producers, Daibochi fell 18 sen to RM5.20 but Scientex added 18 sen to RM11.20.
GAB jumped 52 sen to RM13.60 after its dividend announcements and BAT added 40 sen to RM56.18.
Investors concerns about the outlook of banks weighed on sentiment. CIMB fell seven sen to RM3.97, RHB Cap and AmBank lost five sen to RM5.22 and RM4.34, Maybank four sen to RM8.29 and Public Bank was flat at RM18.18.
Tenaga shed two sen to RM12.88 and UMW nine sen to RM6.96.
Crude palm oil for third month delivery lost RM20 to RM2,458. PPB Group fell 16 sen to RM15.68, IOI Corp and KL Kepong were flat at RM4.35 and RM22.76 while Sime was down four sen to RM7.20.(The Star)
Link: http://www.thestar.com.my/business/business-news/2016/01/20/asian-markets-slide-midday-klci-down-nearly-7pt-as-oil-falls/
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