KLCI extends gains as global markets rise
Petrofac gets RM220m Carigali refurbishment job
Bursa Malaysia Derivatives launches revamped options on index futures
Willowglen MSC unit gets RM19.99m of jobs
Axiata edges up on positive 1Q earnings
UAC surges on Boustead privatisation plan
April inflation seen at 2.1% y-o-y, matches March level
Suaram slams prosecution of opposition leaders involved in Bersih rally
Categories
| Sharp falls as investors turn more cautious |
| Business & Market 2009 | |||
| Written by InsiderAsia | |||
| Tuesday, 16 June 2009 18:10 | |||
 Share prices on Bursa Malaysia fell sharply on June 16 as profit-taking activities accelerated. The local bourse took its lead from Wall Street’s overnight decline and a weak performance from regional bourses. Indeed, most bourses had been wobbly in recent weeks as the global rally started to peter out and investors started to worry about the strength of the recovery and interest rates – although the KLCI had still been fairly resilient. With global stock markets having rallied so strongly for over three months now, investors are understandably becoming more cautious. Indeed, fatigue appears to have set in on Wall Street. The lack of new major catalysts to support the rally has left US stocks range-bound in recent weeks. The Dow Jones Industrials Average lost 2.1% on June 15. Sentiment was also dampened by negative comments on the global economy from G8 finance ministers and much weaker than expected manufacturing statistics from the New York area, what suggested the recovery may not be near. Concerns over the strength of recovery, higher bond yields and the US dollar’s gains also led commodity prices sharply lower. Investors are likely to remain cautious and await further economic clarity. A number of other data are due on June 16 and in the coming days, including reports on May housing starts and building permits, June Producer Price Index and reports on industrial production and capacity utilization. The KLCI was in negative territory for all of June 16, falling as much as 21.4 points before ending 17.1 points lower at 1,074.1. Market breadth was negative with declining stocks beating advancing ones by a wide 4-to-1 margin. Trading volume totaled 1.6 billion shares. Actively traded stocks include KNM, Scomi, Mulpha, UEM Land, Tebrau, Compugates, JAKS and MRCB. Major gainers include Berjaya Sports Toto, Nestle and Tanjong plc. Losers include BAT, Maybank, SP Setia and Sime Darby.
|
|||
|
|