Asian stocks remain in negative territory

  • Business
  • Wednesday, 02 Sep 2009

KUALA LUMPUR: Asian stocks remained in negative territory on Wednesday midday trade giving the MSCI Asia Pacific Index its biggest drop in two weeks.

The MSCI Asia Pacific Index dropped 1.7% to 112.04 in the afternoon - the most since Aug 17. Investor sentiment took a beating on worries of profit forecast cuts and concerns that US banks might be hit by deepening losses.

The world´s largest convenience-store owner Seven & I Holdings Co and Japan´s biggest home builder Sekisui House Ltd had cut their profit forecasts earlier.

Tokyo’s Nikkei 225 fell 2.53% to 10,263.65 while Seoul’s Kospi Index slipped 0.60% to 1,613.33.

Shanghai’s A share Index rose 0.54% to 2,698.18, Hong Kong’s Hang Seng Index lost 1.58% to 19,558.29 while Singapore’s Straits Times Index fell 1.05% to 2,569.25.

At 12.30pm, the FBM KLCI was down 5.24 points to 1,166.04 with 89 counters up, 401 down and 198 traded unchanged.

There were 240.09 million shares done at a total value of RM374.44 million.

Top losers Dutch Lady fell 20 sen to RM11.30, MAS slipped 11 sen to RM2.96, PPB lost 10 sen to RM15.20 and Genting was down 10 sen to RM6.54.

Among the heavyweights, Maybank was down 4 sen to RM6.39, BCHB lost 4 sen to RM10.18, TM added 2 sen to RM3.13 and Axiata slipped 4 sen to RM3.09.

Tanjong rose 14 sen to RM15.58, Shell added 10 sen to RM10.70, Pos Malaysia increased 6 sen to RM2.18 and KNM lost 2.5 sen to 73. sen.

Nymex crude oil in electronic trade was up 45 cents to US$68.50 per barrel.

Spot gold fell US$2.30 to US$954.05 per ounce.

The ringgit was quoted at 3.5415 to the US dollar.

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