By FINTAN NG
KUALA LUMPUR: The market continued its downward trend at midday Tuesday with region-wide weak sentiment mainly due to Wall Street's woes and lack of support on the local front affecting the performance of the local bourse.
At 12.30pm, the KLCI was down 14.86 points to 1,069.50. Turnover was 193.96 million shares valued at RM309.87mil. There were 77 gainers, 393 losers and 173 counters unchanged.
Asian markets were mainly in the red with Tokyo's Nikkei 225 shedding 321.11 points to 12,844.34, Hong Kong's Hang Seng Index down 115.97 to 20,814.70 and Singapore's Straits Times Index down 31.66 points to 2,745.32. However, Shanghai's A Share Index added 4.26 points to 2,324.13.
Light crude continued its downward trend to US$111.89 as reports indicated that Tropical Storm Fay would miss the important Gulf of Mexico oil-producing region. CPO was up RM21 to RM2,506.
Aseambankers Malaysia Bhd said in a research note that the KLCI was heading downward on a longer-term move, which would be confirmed with a move below the February 2000 high of 1,021.20.
"As sentiment for Asia-Pacific markets was weak yesterday, the outlook for the KLCI does not seem rosy today," it said.
Meanwhile, HwangDBS Vickers Research Sdn Bhd said the selling momentum was expected to prersist ahead with the next support level for the KLCI at 1,050.
Top losers included national grid operator Tenaga, which fell 25 sen to RM8.20 while DiGi shed 50 sen to RM23.70. Other losers included MISC, the world's largest owner of LNG tankers, which shed 20 sen to RM8.55 and Sarawak Energy, which fell 16 sen to RM2.42.
Amongst gainers, Ann Joo was up 8 sen to RM3.26 while plantation owner United Plantation was up 10 sen to RM11.50.
KUALA LUMPUR: The market continued its downward trend at midday Tuesday with region-wide weak sentiment mainly due to Wall Street's woes and lack of support on the local front affecting the performance of the local bourse.
At 12.30pm, the KLCI was down 14.86 points to 1,069.50. Turnover was 193.96 million shares valued at RM309.87mil. There were 77 gainers, 393 losers and 173 counters unchanged.
Asian markets were mainly in the red with Tokyo's Nikkei 225 shedding 321.11 points to 12,844.34, Hong Kong's Hang Seng Index down 115.97 to 20,814.70 and Singapore's Straits Times Index down 31.66 points to 2,745.32. However, Shanghai's A Share Index added 4.26 points to 2,324.13.
Light crude continued its downward trend to US$111.89 as reports indicated that Tropical Storm Fay would miss the important Gulf of Mexico oil-producing region. CPO was up RM21 to RM2,506.
Aseambankers Malaysia Bhd said in a research note that the KLCI was heading downward on a longer-term move, which would be confirmed with a move below the February 2000 high of 1,021.20.
"As sentiment for Asia-Pacific markets was weak yesterday, the outlook for the KLCI does not seem rosy today," it said.
Meanwhile, HwangDBS Vickers Research Sdn Bhd said the selling momentum was expected to prersist ahead with the next support level for the KLCI at 1,050.
Top losers included national grid operator Tenaga, which fell 25 sen to RM8.20 while DiGi shed 50 sen to RM23.70. Other losers included MISC, the world's largest owner of LNG tankers, which shed 20 sen to RM8.55 and Sarawak Energy, which fell 16 sen to RM2.42.
Amongst gainers, Ann Joo was up 8 sen to RM3.26 while plantation owner United Plantation was up 10 sen to RM11.50.
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