Malaysia’s Kuala Lumpur Composite Index fell for a second day, losing 6.02, or 0.6 per cent, to close at 1,072.69, the lowest level since June 24 amid weak sentiment following poor US economic data overnight, dealers said.
More than three stocks declined for each one that rose on the 102-member measure. The gauge dropped 0.3 per cent this week.
July index futures rose 0.3 per cent to 1,074.00. In the market, 1.1 billion shares changed hands, lower than the three-month daily average of 1.6 billion shares.
“The market was under pressure today for most of the day following the release of poor economic data in the US overnight and selling momentum was fairly weak,” a dealer told Dow Jones Newswires.
Job losses in the US economy surged to 467,000 in June, pushing the unemployment rate to a fresh 26-year high of 9.5 per cent.
Kuala Lumpur Kepong Bhd, Malaysia’s third-biggest palm oil producer, fell 1.7 per cent to RM11.90, the first drop in three days. Kulim Malaysia Bhd declined 1.6 per cent to RM6.25, the most since June 23. Unico-Desa Plantations Bhd slid 4.1 per cent to 70 sen.
Palm oil futures fell as much as 4.1 per cent in Malaysia, set for a weekly drop, as buyers hold off purchases on speculation supply will rise this quarter, damping prices.
Goh Ban Huat Bhd, a manufacturer of toilet bowls and other ceramic wares, rose 2.4 per cent to RM1.29, the third gain in four days. The company said Tan Hua Choon who made a buyout offer at RM1.25 a share, raised his stake to 33.1 per cent from 30.5 per cent. By crossing the 33 per cent level, his voluntary general offer has become “mandatory,” the company said in a statement.
MISC Bhd gained 1.8 per cent to RM8.70, the highest close since June 23. The Malaysian shipping group said its AET Petroleum Tanker (M) Sdn Bhd unit has completed the sale of two 1994-built single-hull product tankers to Crown Lines Ltd for US$5.3 million. - Agencies
More than three stocks declined for each one that rose on the 102-member measure. The gauge dropped 0.3 per cent this week.
July index futures rose 0.3 per cent to 1,074.00. In the market, 1.1 billion shares changed hands, lower than the three-month daily average of 1.6 billion shares.
“The market was under pressure today for most of the day following the release of poor economic data in the US overnight and selling momentum was fairly weak,” a dealer told Dow Jones Newswires.
Job losses in the US economy surged to 467,000 in June, pushing the unemployment rate to a fresh 26-year high of 9.5 per cent.
Kuala Lumpur Kepong Bhd, Malaysia’s third-biggest palm oil producer, fell 1.7 per cent to RM11.90, the first drop in three days. Kulim Malaysia Bhd declined 1.6 per cent to RM6.25, the most since June 23. Unico-Desa Plantations Bhd slid 4.1 per cent to 70 sen.
Palm oil futures fell as much as 4.1 per cent in Malaysia, set for a weekly drop, as buyers hold off purchases on speculation supply will rise this quarter, damping prices.
Goh Ban Huat Bhd, a manufacturer of toilet bowls and other ceramic wares, rose 2.4 per cent to RM1.29, the third gain in four days. The company said Tan Hua Choon who made a buyout offer at RM1.25 a share, raised his stake to 33.1 per cent from 30.5 per cent. By crossing the 33 per cent level, his voluntary general offer has become “mandatory,” the company said in a statement.
MISC Bhd gained 1.8 per cent to RM8.70, the highest close since June 23. The Malaysian shipping group said its AET Petroleum Tanker (M) Sdn Bhd unit has completed the sale of two 1994-built single-hull product tankers to Crown Lines Ltd for US$5.3 million. - Agencies
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