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Categories
| Stock market ends lower on US concerns |
| Business & Market 2009 | |||
| Written by InsiderAsia | |||
| Wednesday, 21 October 2009 17:29 | |||
 Shares on Bursa Malaysia traded broadly lower on Wednesday, Oct 21 mirroring the trend on regional bourses and Wall Street’s overnight decline. Profit-taking activities dominated trading as investors locked in gains amid renewed US economic concerns. The FBM KLCI was in positive territory in the morning session but soon turned negative and closed at its intra-day low, down 5.7 points at 1,260.1. Declining stocks beat advancing ones by a 5-to-2 ratio at the close. Volume fell from 1.24 billion shares to 926 million shares. . Smaller capitalised stocks continued to dominate trading but many fell on profit-taking activities. Actively traded stocks include Metronic, KNM, Ogawa, Johan, Silk, SAAG and Notion VTec. Shares of glove makers were among the major gainers, with Supermax, Latexx and Kossan among the top ten gainers. Other gainers include QL and CSC Steel. Major losers include blue chips such as BAT, Tanjong plc, Parkson and YTL Corp. With global indices at their highest levels of the year after an almost uninterrupted rally since mid-March 2009, profit-taking activities are to be expected. Investors have looked towards further signs of recovery and better than expected US corporate earnings to justify the rally. However, not all appears rosy and Wall Street has started turning edgy again on weak economic data, especially on the housing front. Tuesday saw the release of data showing wholesale prices falling 0.6% in September while housing starts and building permits slipped. Construction starts on privately owned homes rose just 0.5% to 590,000, lower than expectations of a rise to 610,000. Permits to build new homes fell 1.2% to 573,000, lower than expectations of 595,000. Following the long running rally, there are concerns that global stock prices may have run ahead of the recovery, especially as the recovery ahead could look rather weak. Going forward, investors will look towards Wall Street, China’s 3Q2009 GDP, the 2010 Budget on Friday and the upcoming domestic earnings season for further leads.
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