Published: Wednesday July 25, 2012 MYT 1:09:00 PM
Markets fall on China slowdown worries
By Joseph Chin
KUALA LUMPUR: Key Asian markets fell in the morning on Wednesday on worries about the fallout from a slowdown in China's economic growth which was compounded by the eurozone crisis.
At 12.30pm, the FBM KLCI was down just 0.52 of a point to 1,632.05, off the low of 1,624.88. Turnover was 718.31 million shares valued at RM1.49bil. There were 201 gainers, 393 losers and 285 stocks unchanged.
Asian stocks fell for a fourth day and government bond yields dropped to record lows on concern China's economic slowdown and Europe's debt crisis threaten global growth, Bloomberg reported. Technology shares retreated after Apple Inc.'s profits and sales missed estimates.
Among the key regional markets, Japan's Nikkei 225 fell 1.2% to 8,386.52; Hong Kong's Hang Seng Index fell 0.31% to 18,844.21; Taiwan's Taiex lost 0.15% to 6,997.72; South Korea's Kospi shed 0.87% to 1,778.31 and Singapore's Straits Times Index fell 0.36% to 2,987.54.
Shanghai's Composite Index was marginally higher by 0.06% to 2,147.77.
US light crude oil fell 16 cents to US$88.34 and Brent 22 cents lower at US$103.20. Spot gold rose US$3 ro US$1,584.18.
The ringgit weakened against the US dollar to 3.1838.
Crude palm oil for third-month futures rose RM18 to RM2,944.
Malaysian palm oil product exports during July 1-25 fell 14.3% to 1.026 million tonnes from 1,196,702 tonnes shipped from June 1-25, cargo surveyor Intertek Testing Services said.
BAT was the top loser, down 32 sen to RM60.68 while UMW shed six sen to RM9.83 and IOI Corp two sen to RM5.28.
Lafarge and GoldIS fell 15 sen each to RM7.85 and Rm2.05, F&N and Aeon Credit 12 sen each to RM18.38 and RM10.96 while Carlsberg gave up 12 sen to RM12.30.
IHH Healthcare was the most active on Bursa Malaysia and the Singapore Exchange. It ended the morning session at RM3.14, up 34 sen, with 329 million shares while across the Causeway, it rose 11.7 cents to S$1.24 with 82.34 million units done.
However, KPJ shed 12 sen to RM5.98 and its warrants 11 sen lower at RM4.22.