Business

Published: Tuesday October 13, 2009 MYT 10:07:00 AM

Asian markets mixed in early trade


KUALA LUMPUR: Asian stock markets were largely mixed in morning trade Tuesday with Japan’s Nikkei’s climbing 45.93 points to 10,062.32 following speculation that its banks would avoid costs for bad loans , according to wire reports.

A Wall Street Journal report noted a Japanese government plan to make it voluntary for banks to suspend loans payments to small businesses.

Japan’s biggest lender Mitsubishi UFJ, gained 2.4% in early business.

At home, Hwang-DBS said in its early morning note to clients that although it was going to be yet another slow day – in terms of news flows and trading activity on the local stock exchange – it expected the Malaysian bourse to maintain its positive momentum on selective buying interest.

This comes as U.S. stocks ended marginally up last night, with its benchmark Dow Jones Industrial Average – touching as high as 9,932 before settling at 9,886 at the closing bell – inching closer towards the psychological barrier of 10,000, it noted.

On the chart, the bellwether FBM KLCI would probably be doing “just enough” for now to keep itself above the 1,230 support line given the absence of fresh market leads.

The research house said 1,255 remained as the index’s next resistance target, which could be challenged in the near future.

At 10am, the KLCI was down 1.13 points to 1,232 while Singapore’s Straits Times Index lost 8.70 points to 2,671.77.

South Korea’s Kospi was also down, shedding 14.81 points to 1,625.

At Bursa Malaysia, advancers led decliners with 169 counters up, 162 down and 165 traded unchanged.

There were 162 million shares done with a total value of more than RM100 million.

Among top gainers, Zecon rose 20.5 sen to 70.5 sen, 3A put on 8 sen to RM1.14 and Adventa was up 7 sen to RM1.89.

Losers included MAS which lost 5 sen to RM3 and Sunrise which shed 6 sen to RM2.51.

Nymex crude oil lost 34 cents to US$72.93 per barrel.

Spot gold shed US$4.22 to US$1052.88 per ounce.

The ringgit was quoted at 3.39 to the US dollar.

  • E-mail this story
  • Print this story