Published: Thursday July 12, 2012 MYT 6:44:00 PM
Asian markets sink, Europe in the red
By Joseph Chin
KUALA LUMPUR: Key Asian markets closed lower on Thursday, with South Korea's Kospi sliding more than 2.24%, while European bourses were in the red also on worries about slower global growth.
Investors took money off the table following a surprise rate cut in South Korea, a 50-basis point cut in Brazil to a record low and a lack of any clear policy action by the Bank of Japan weighed on investors' sentiment, according to wire reports.
At Bursa Malaysia, the FBM KLCI closed 3.96 points or 0.24% lower to 1,625.49. There were 1.28 billion shares transacted valued at RM1.68bil. There were 289 gainers, 478 losers and 341 stocks unchanged.
Among the key regional markets, Japan's Nikkei 225 fell 1.48% to 8,720.01; Hong Kong's Hang Seng Index 2.03% lower at 19,025.11; Taiwan's Taiex 1.75% to 7,130.93;
South Korea's Kospi 2.24% lower at 1,785.39 and Singapore's Straits Times Index 0.58% lower at 2,972.04.
However, Shanghai's Composite Index bucked the trend to climb 0.46% to 2,185.49.
US light crude oil fell 86 cents to US$84.95 and Brent 85 cents lower at US$99.38. Spot gold lost US$9.55 to US$1,566.83.
The ringgit was quoted at 3.1895 to the US dollar.
At Bursa Malaysia, heavyweights Genting Bhd fell 20 sen to RM9.60, and Tenaga 12 sen to RM6.53.
Genting's decline dragged the KLCI down 1.74 points while Tenaga erased 1.54 points from the index. YTL Corp shed six sen to RM1.88, nudging the KLCI down by 1.04 points.
Takaful was the top gainer, up 40 sen to RM6.32, SAM 33 sen to RM3.35 while GAB added 32 sen to RM13.80 and Pharmaniaga 16 sen to RM10.34.
Hing Yap jumped 22 sen to RM1.90 following its acquisition of six entities from Asia Brands Corp Bhd for RM245mil.