Business

Published: Wednesday October 28, 2009 MYT 2:33:00 PM
Updated: Wednesday October 28, 2009 MYT 2:38:25 PM

Asian markets down at midday

By Laalitha Hunt


KUALA LUMPUR: Asian stocks fell, dragging the MSCI Asia Pacific Index to a three-week low as losses at National Australia Bank Limited and Canon Inc’s lower profit raised concern about the strength of the global recovery.

The MSCI Index lost 0.8% to 116.98 as of 12.38pm in Tokyo, set to close at the lowest since Oct 6.

According to a Bloomberg report, the MSCI Index had surged 66% from more than a five-year low on March 9 amid signs that the stimulus measures around the world are reviving the global economy.

“The thought is starting to creep into people’s minds that once stimulus measures run out, the recoil will run rather deep,” said Hiroshi Morikawa, a senior strategist at MU Investments, which manages about US%14bil of funds. At home, the benchmark KLCI was 0.69% lower at 1,251.64 while Singapore’s Straits Times Index fell 0.9% to 2,670.29.

Tokyo’s Nikkei 225 fell 1.45% to 10,064.34, Hong Kong’s Hang Seng Index slipped 1.66% to 21,800.95, Shanghai’s A share index dropped 1.44% to 2,977.87 and Seoul’s Kospi Index was 2.39% lower at 1,610.10.

At Bursa Malaysia, 164 counters were up, 383 were down while 224 others were traded unchanged. There were 469.66 billion shares done with a total value of RM484.52mil.

Gainers included HaiO, which rose 9 sen to RM7.29, Panasonic climbed 10 sen to RM12.60 while United Malacca advanced 13 sen to RM8.13.

Among plantation stocks, IOI Corp was down 9 sen to RM5.43 while Batu Kawan slipped 8 sen to RM10.02.

Tanjong lost 32 sen to RM15.16, CIMB dropped 32 sen to RM12.46, Bursa fell 15 sen to RM8.23 and Genting slipped 11 sen to RM7.39.

Crude palm oil was down RM8 to RM2,162 per tonne.

Nymex crude oil in electronic trade dropped 27 cents to US$79.28 per barrel.

The ringgit was quoted at 3.4155 to the US dollar.

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