MALAYSIAN shares closed down 1.47 per cent today as concerns over swine flu continued to shake investor confidence, dealers said.
The benchmark Kuala Lumpur Composite Index fell for a second day, losing 14.42 points, or 1.5 per cent, to close at 965.70, the largest decline since March 30. Nine stocks dropped for each one that rose on the 100-member measure.
Volume was at 1.56 billion shares valued at RM1.31 billion.
“The market’s been bearish from the word go ... selling has been pretty much broad-based with many blue chips and heavyweights bearing the brunt of the declines,” a dealer said.
The dealer said the bourse is expected to trade in the 950-980 points range tomorrow.
AirAsia Bhd, Southeast Asia’s biggest discount carrier, fell 0.9 per cent to RM1.13, extending yesterday’s 8.8 per cent slump, on concerns an outbreak of swine flu may hurt demand for air travel. Malaysian Airline System Bhd slid 1.3 per cent to RM2.98, the lowest level since April 9.
Axiata Group Bhd, the Malaysian mobile-phone company controlled by the government, dropped 2.9 per cent to RM2.04, the largest decline since April 13. The company said it expects to increase revenue by as much as 11 per cent in 2009, slower than last year’s 13.5 per cent growth. The company also set a target for return on equity of 4 per cent this year, lower than the 4.8 per cent achieved last year, Axiata said in a statement.
Genting Bhd, Asia’s biggest listed casino operator, fell 5.7 per cent to RM4.34, the lowest level since April 17, extending yesterday’s 5.7 per cent slide, amid speculation the spread of swine flu will curb travel, hurting its betting and hotel businesses. Its Resorts World Bhd unit declined 3.8 per cent to RM2.30.
Ramunia Holdings Bhd slid 8.5 per cent to 59.5 sen, snapping a three-day, 86 per cent rally. Sime Darby Bhd, Malaysia’s biggest palm oil producer, said it is in “preliminary” discussions with Ramunia to look for opportunities to expand its energy and utilities division. Sime Darby was responding to a report by a weekly newspaper that the company may buy a stake in Ramunia, it said in a stock exchange filing. Sime fell 0.8 per cent to RM6.45.
Top Glove Corp, the world’s largest rubber glove maker, dropped 2.4 per cent to RM6, the most since January 15. The company’s stock rating was cut to “neutral” from “overweight” at JPMorgan Chase & Co, which said the shares have already factored in the company’s prospects following the swine flu outbreak.
Decliners include IOI Corp, down 4.6 per cent at RM4.12, while Maybank lost 3.6 per cent at RM4.30.
Advancers include Pharmaniaga, up 2.8 per cent at RM3.62 and KPJ Healthcare added 0.7 per cent at RM2.86. - AFP, Bloomberg
The benchmark Kuala Lumpur Composite Index fell for a second day, losing 14.42 points, or 1.5 per cent, to close at 965.70, the largest decline since March 30. Nine stocks dropped for each one that rose on the 100-member measure.
Volume was at 1.56 billion shares valued at RM1.31 billion.
“The market’s been bearish from the word go ... selling has been pretty much broad-based with many blue chips and heavyweights bearing the brunt of the declines,” a dealer said.
The dealer said the bourse is expected to trade in the 950-980 points range tomorrow.
AirAsia Bhd, Southeast Asia’s biggest discount carrier, fell 0.9 per cent to RM1.13, extending yesterday’s 8.8 per cent slump, on concerns an outbreak of swine flu may hurt demand for air travel. Malaysian Airline System Bhd slid 1.3 per cent to RM2.98, the lowest level since April 9.
Axiata Group Bhd, the Malaysian mobile-phone company controlled by the government, dropped 2.9 per cent to RM2.04, the largest decline since April 13. The company said it expects to increase revenue by as much as 11 per cent in 2009, slower than last year’s 13.5 per cent growth. The company also set a target for return on equity of 4 per cent this year, lower than the 4.8 per cent achieved last year, Axiata said in a statement.
Genting Bhd, Asia’s biggest listed casino operator, fell 5.7 per cent to RM4.34, the lowest level since April 17, extending yesterday’s 5.7 per cent slide, amid speculation the spread of swine flu will curb travel, hurting its betting and hotel businesses. Its Resorts World Bhd unit declined 3.8 per cent to RM2.30.
Ramunia Holdings Bhd slid 8.5 per cent to 59.5 sen, snapping a three-day, 86 per cent rally. Sime Darby Bhd, Malaysia’s biggest palm oil producer, said it is in “preliminary” discussions with Ramunia to look for opportunities to expand its energy and utilities division. Sime Darby was responding to a report by a weekly newspaper that the company may buy a stake in Ramunia, it said in a stock exchange filing. Sime fell 0.8 per cent to RM6.45.
Top Glove Corp, the world’s largest rubber glove maker, dropped 2.4 per cent to RM6, the most since January 15. The company’s stock rating was cut to “neutral” from “overweight” at JPMorgan Chase & Co, which said the shares have already factored in the company’s prospects following the swine flu outbreak.
Decliners include IOI Corp, down 4.6 per cent at RM4.12, while Maybank lost 3.6 per cent at RM4.30.
Advancers include Pharmaniaga, up 2.8 per cent at RM3.62 and KPJ Healthcare added 0.7 per cent at RM2.86. - AFP, Bloomberg
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