Markets slip on euro zone woes, KLCI steady

KUALA LUMPUR: Key regional markets were in the red on Thursday, posting losess of up to 1.45%, on a growing rift over how the Europe debt crisis should be resolved.

At 12.30pm, the FBM KLCI was down 1.18 points to 1,573.99. Turnover was 529.16 million shares valued at RM623.39mil. There were 200 gainers, 367 losers and 267 counters unchanged.

Bloomberg reported Asian stocks tumbled, heading for the biggest monthly drop in more than three years, while US bond yields fell to a record low and the yen strengthened as divisions widened over solving Europe's debt crisis. Oil in New York entered a bear market.

It reported that the MSCI Asia Pacific Index lost 1.3%, set for an 11% monthly decline. The yen reached the highest in more than three months against the dollar. Rubber plunged as much as 5.1% and oil was 20% below this year's peak

World stock markets have lost US$4.6 trillion this month amid concern Europe's crisis is spreading, according to Bloomberg.

Among the key regional markets, Japan's Nikkei 225 fell 1.45% to 8,507.68; Hong Kong's Hang Seng Index 1.24% lower at 18,458.67; Shanghai's Composite Index 0.46% to 2,373.66; South Korea's Kospi 1.26% to 1,821.65; Taiwan's Taiex 0.42% to 7,231.64 and Singapore's Straits Times Index 0.65% to 2,765.91.

US light crude oil fell 25 cents to US$87.57, spot gold US$1.11 to US$1,561.81, crude palm oil futures for third month RM10 to RM3,101 while the ringgit weakened against the US dollar to 3.1790.

At Bursa Malaysia, CIMB fell eight sen to RM7.41, pushing the KLCI down 1.4 points while Genting Malaysia shed 14 sen to RM3.70, erasing 1,29 points.

Petronas Gas fell 18 sen to RM17.36, Petronas Chemical six sen to RM6.63, Genting Plantations 15 sen to RM9.09 and Genting Malaysia 14 sen to RM3.70.

Globatec, which made its debut following the merger of AIC Corp, AutoV Corp and Jotech, slipped one sen to 12 sen.

Nestle was the top gainer, up 90 sen to RM53.90, BAT 60 sen to RM55 and PetDag 34 sen to RM20.86. Sime rose six sen to RM9.70.

Yeo Hiap Seng surged to the highest since 1997 at RM3.51 after its parents Yeoh Hiap Seng (Singapore) Pte Ltd proposed to take it private at RM3.60 cash a share. It added 25 sen to RM3.48

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