Business

Published: Thursday November 12, 2009 MYT 3:22:00 PM

Asian markets mostly down at midday

By Laalitha Hunt


KUALA LUMPUR: Most Asian stocks fell as declines by Japanese drugmakers countered advances among mining companies and automakers.

Hisamitsu Pharmaceutical Co and Tsumura&Co sank more than 7% in Tokyo after the Yomiuri newspaper said a government committee advised cutting drug costs to trim medical expenses.

Rio Tinto Group, the world’s third largest mining company, climbed 1.8% in Sydney as metal prices advanced.

Honda Motor Co, Japan’s second-biggest carmaker, jumped 1.4% after Goldman Sachs Group Inc recommended buying the stock. The MSCI Asia Pacific Index had lost 2.2% from a 13-month high on Oct 20 amid concern the withdrawal of government stimulus measures will cause the global recovery to falter. “Concerns about whether the recovery is sustainable or not are weighing on shares,” said Hiroshi Morikawa, a senior strategist in Tokyo at MU Investments Co, which manages the equivalent of $14 billion.

At home, the benchmark KLCI was 0.49% lower at 1,263.94 while Singapore’s Straits Times Index dropped 0.38% to 2,729.92.

Tokyo’s Nikkei 225 fell 0.56% to 9,816.20, Hong Kong’s Hang Seng Index declined 0.49% to 22,516.03, Shanghai’s A share index gained 0.63% to 3,195.28 and Seoul’s Kospi Index was 0.28% lower at 1,590.37.

At Bursa Malaysia, 185 counters were up, 346 were down while 237 others were traded unchanged. There were 472.46 million shares done with a total value of RM574.056mil.

Gainers included F&N, which rose 30 sen to RM11.30, Mudajaya climbed 20 sen to RM4.30, PPB advanced 18 sen to RM15.68 and Tanjong added 12 sen to RM16.42.

CIMB lost 28 sen to RM12.74, Eon Capital dropped 20 sen to RM5.76, Sime Darby declined 14 sen RM8.94 and Hong Leong fell 13 sen to RM8.22.

Crude palm oil was up RM26 to RM2,261 per tonne.

Nymex crude oil in electronic trade added 16 cents to US$79.44 per barrel.

The ringgit was quoted at 3.381 to the US dollar.

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