Glove makers continue to fall on risk concerns while the FBM KLCI remained in the red at midday on Wednesday, Sept 8 in line with the slump in regional markets after the Nikkei 225 fell more than 2% as the yen’s rise to a 15-year high threatened to erode companies’ overseas earnings.
Asian investors were also cautious as worries about Europe's banks resurfaced on Tuesday, when the Wall Street Journal reported that some major lenders had understated holdings in potentially risky government debt during "stress tests" designed to test their ability to weather crises, according to Reuters.
At Bursa Malaysia, some mild profit taking emerged ahead of the extended weekend which saw declines in the share price of key heavyweights including CIMB, Tenaga, Genting and Tanjong, as well as that of glove makers.
At 12.30pm, the FBM KLCI fell 4.26 points to 1,430.01. Losers beat gainers by 351 to 203, while 255 counters traded unchanged. Volume was 283.10 million shares valued at RM328.61 million.
Nikkei 225 -2.23% 9,020.27
Hang Seng Index -1.37% 21,109.23
Shanghai Composite Index -0.47% 2,685.56
Taiwan’s Taiex -0.75% 7,825.02
Kospi Index -0.77% 1,774.02
Singapore’s Straits Timex Index -0.96% 3,006.90
At Bursa Malaysia, among the major losers, Petronas Dagangan fell 30 sen to RM11.20, , Perstima down 17 sen to RM4.77 and Tanjong down 12 sen to RM21.40.
Among the glove manufacturers, Top Glove slipped 23 sen to RM5.61, Supermax lost 20 sen to RM4.63 Hartalega and Latexx Partners fell 11 sen each to RM4.80 and RM2.92.
AMMB was down 10 sen to RM5.83, CIMB and MMC Corp seven sen each to RM7.93 and RM2.71, Tenaga down three sen to RM8.95 while Axiata and Genting fell two sen each to RM4.41 and RM9.30. Mudajaya lost 10 sen to RM4.34
The top gainer this morning was Panasonic that added 50 sen to RM20.50; Plenitude rose 40 sen to RMN4.28, Genting PLANTATION []s gained 27 sen to RM7.77, Putrajaya
Perdana up 12 sen to RM4.20 while Knusford, Padini, Nestle and Hong Leong Bank added 10 sen each to RM1.69, RM4.60, RM41.30 and RM9.05, respectively.
Carotech was the most actively traded stock this morning with 17.86 million shares done. The counter lost half a sen to 8 sen. Other actives included Nextnation, KNM, Linear, Axiata and Tradewinds Corp.
Written by Surin Murugiah
The Edge Malaysia
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