By JOSEPH CHIN
KUALA LUMPUR:Asian markets fell sharply in early trade on Tuesday in the wake of the US financial crisis that drove Lehman Brothers into bankruptcy and sent AIG scurrying to find financing to stay afloat.
Asian markets posted losses of bertween 1.85% to 5.73% while at Bursa Malaysia, the KL Composite Index neared the psychological 1,000 level.
At 9.30am, the KL Composite Index was down 21.85 points to 1,009.78. Turnover was 51.95 million shares valued at RM99.54mil.
Decliners overwhelmed advancers by 10 to one. There were 262 losers and 26 gainers while 87 counters unchanged.
Asian markets fell, with South Korea’s Kospi skidding 5.73% or 84.7 points to 1,393.22, Japan’s Nikkei 225 fell 4.4% to 11,677.07, Singapore’s Straits Times Index 1.96% down to 2,437.76 and Shanghai’s A Share Index 1.85% lower to 2,142.61.
On Wall Street, the Dow industrials dropped 504.48 points to close at 10,917.51, the first time since July they have finished under 11,000.
Light crude oil extended its losses, down US$2.40 to US$93.31 per barrel.
At Bursa Malaysia, OSK Investment Research said it was maintaining its bearish view and was now eyeing an immediate resistance at the 1,033-level, followed by the 1,050-level.
“To the downside, look for the 1,000 psychological mark as the immediate support. Should this level be taken, the next strong support can only be seen at the 883-level,” it said in a research note.
BAT was the top loser, down RM1 to RM39.50, Kulim-WB 40 sen to RM3. KL Kepong and Tenaga 35 sen each to RM9.95 and RM6.55 while DiGi lost 30 sen to RM23.30. Asiatic fell 28 sen to RM4.44 while Maybank and Bursa gave up 25 sen each to RM7.60 and RM6.10 respectively.
IOI Corp fell 18 sen to RM4.06 in active trade while KNM eased seven sen to RM1.08.
IJM Land-WA, which was listed today, jumped 17.5 sen to 18 sen. Wang Zheng rose 12 sen to 55 sen while Scientex added six sen to RM1.16 and Prolexus 3.5 sen to 26 sen. BIMB advanced three sen to RM1.05.
KUALA LUMPUR:Asian markets fell sharply in early trade on Tuesday in the wake of the US financial crisis that drove Lehman Brothers into bankruptcy and sent AIG scurrying to find financing to stay afloat.
Asian markets posted losses of bertween 1.85% to 5.73% while at Bursa Malaysia, the KL Composite Index neared the psychological 1,000 level.
At 9.30am, the KL Composite Index was down 21.85 points to 1,009.78. Turnover was 51.95 million shares valued at RM99.54mil.
Decliners overwhelmed advancers by 10 to one. There were 262 losers and 26 gainers while 87 counters unchanged.
Asian markets fell, with South Korea’s Kospi skidding 5.73% or 84.7 points to 1,393.22, Japan’s Nikkei 225 fell 4.4% to 11,677.07, Singapore’s Straits Times Index 1.96% down to 2,437.76 and Shanghai’s A Share Index 1.85% lower to 2,142.61.
On Wall Street, the Dow industrials dropped 504.48 points to close at 10,917.51, the first time since July they have finished under 11,000.
Light crude oil extended its losses, down US$2.40 to US$93.31 per barrel.
At Bursa Malaysia, OSK Investment Research said it was maintaining its bearish view and was now eyeing an immediate resistance at the 1,033-level, followed by the 1,050-level.
“To the downside, look for the 1,000 psychological mark as the immediate support. Should this level be taken, the next strong support can only be seen at the 883-level,” it said in a research note.
BAT was the top loser, down RM1 to RM39.50, Kulim-WB 40 sen to RM3. KL Kepong and Tenaga 35 sen each to RM9.95 and RM6.55 while DiGi lost 30 sen to RM23.30. Asiatic fell 28 sen to RM4.44 while Maybank and Bursa gave up 25 sen each to RM7.60 and RM6.10 respectively.
IOI Corp fell 18 sen to RM4.06 in active trade while KNM eased seven sen to RM1.08.
IJM Land-WA, which was listed today, jumped 17.5 sen to 18 sen. Wang Zheng rose 12 sen to 55 sen while Scientex added six sen to RM1.16 and Prolexus 3.5 sen to 26 sen. BIMB advanced three sen to RM1.05.
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