Banks weigh on KLCI while Asian markets fall

KUALA LUMPUR: Banks, Genting Bhd and DiGi were among the top losers in early Wednesday trade in line with the weaker Asian markets after the overnight fall on Wall Street.

At 9.07am, the KLCI was down 16.39 points or 1% to 1,618.98. Turnover was 83.21 million shares valued at RM42.96mil. Losers beat gainers 136 to 84 while 137 counters were unchanged.

Reuters reported Asian stocks fell on Wednesday as global growth worries stung Wall Street, sending investors scampering to the relative safety of the yen and government debt.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3%, with Australia down 1.3% and South Korea falling 0.8%. Japanese markets are shut through Wednesday.

JF Apex Research said following the bearish performance in the US and Europe, “we expect the KLCI to be negative today with support at 1,600”.

Meanwhile, BIMB Securities Research said foreign selling of Malaysian equities continued for the second day on Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers.

At Bursa Malaysia, Hong Leong Bank fell 24 sen to RM13.14, Public Bank was down 14 sen to RM17.98 and Maybank lost 13 sen to RM8.39.

Petronas Gas fell 22 sen to RM21.66, DiGi 20 sen to RM5.39 and Genting Bhd 15 sen lower at RM7.36.

Among the plantations, Keck Seng and IOI Corp lost 12 sen to RM4.80 and RM3.83.

However, Triplic was the top gainer, adding 30 sen to RM1.47 while KESM added 18 sen to RM4.25.