Asian markets extend losses, KLCI down nearly 15 pts

Wednesday October 8, 2008 MYT 10:18:14 AM


KUALA LUMPUR: Asian markets extended their losses in early trade on Wednesday, with Japan’s equities the worst hit, as sentiment was battered by the sharp overnight fall on Wall Street.

At 9.30am, the KL Composite Index was down 14.79 points or nearly 1.47% to 982.61. Turnover was 54.39 million shares valued at RM80.35mil. There were 28 gainers, 169 losers and 62 counters unchanged.

Light crude oil was trading at US$89.23, down 83 cents.

The Nikkei 225 fell 4.43%% or 450 points to 9,705.75, Shanghai’s A Share Index opened 3.2% lower at 2,193.54 while Singapore’s Straits Times Index lost 2.93% to 2,113.85. Australia’s S&P/ASX 200 fell 3.43% to 4,460.2.

OSK Investment Research said the internal strength of the local market would be tested once again as the US market tumbled yet again overnight with the three key market indices falling approximately 6% each as investor worries over the country’s financial crisis continued to linger.

“From the current level, continue to look for the 1,000 level as the immediate resistance followed by the 1,033 level.

“To the downside, the 962 level is now the market’s immediate support. Should this level be violated, the next strong support is not seen until the 883 level, which is the starting point of the massive bull run which ended in January 2008,” it said.

DiGi was the top loser, down 90 sen to RM22.20 while PPB fell 40 sen to RM8.05 and BAT 25 sen to RM39.75 while MISC foreign fell 20 sen to RM8.05.

Tenaga lost 20 sen to RM6.70, RHB Cap eased 16 sen to RM3.98 while YTL and KL Kepong eased 15 sen each to RM5.95 and RM8.30.

However, Time dotCom rose three sen to 33 sen and Time two sen to 15.5 sen after Khazanah announced plans to turn around Time dotCom.

Nestle was the top gainer, up 50 sen to RM27.50 in thin trade, CI Holdings added eight sen to RM1.08 and MAA 3.5 sen to 61.5 sen.