KLCI skids, Asian markets roiled by Wall St slide

KUALA LUMPUR: Key Asian markets and Bursa Malaysia were in the red early Tuesday as investors’ sentiment was battered by the 2% fall overnight on Wall Street on economic growth worries.

At 9.13am, the FBM KLCI was down 11.40 points or 0.69% to 1,630.22. Turnover was 215.79 million shares valued at RM100.24mil. There were 55 gainers, 327 losers and 121 counters unchanged.

A sell-off in US stocks that sent the S&P 500 Index to its lowest close in 14 months spread to Asia, suggesting investor worries about the outlook for growth that are at odds with the projected Federal Reserve interest-rate hike on Wednesday, Bloomberg reported.

Equities declined in Japan, Australia and South Korea. 

At Bursa, F&N fell 50 sen to Rm30 while Carlsberg lost 30 sen to RM19.50 and BAT 20 sen lower at RM34.50 but Nestle added 60 sen to RM145.10.

Plantations also took a hit, Genting Plantations fell 44 sen to RM9.11, KL Kepong 40 sen lower at RM23.54.

Tenaga lost 22 sen to RM12.70. CIMB Equities Research is retaining its hold recommendation for power giant Tenaga Nasional but at a lower target price of  RM13.60 from RM14.60 as it may feel the impact of the regulatory period 2 (RP2) adjustments in the fourth quarter.

Hong Leong Bank fell 20 sen to RM20.20 but Public Bank recovered 16 sen to RM24.38.

US oil prices fell 1% after slipping below US$50 a barrel in the previous session, with reports of a big climb in US inventories and forecasts of record shale output stoking worries about oversupply, Reuters reported.

Petronas Dagangan lost 36 sen to RM25.14 while Petronas Gas was 18 sen lower at RM19.36.

VS Industry, which hit limit-down on Monday after its earnings warning, fell again. It fell 13 sen to 69 sen with 46.46 million shares done.