Asian markets fall for second day; KLCI Slump 1.42% at the break

Asian stocks fell for a second day in morning trade on Tuesday in tandem with the overnight slump on Wall Street.

Major US equity indices plunged between 2.1% and 2.4% at the closing bell as investors decided to cash out following a poor New York manufacturing report and a decline in commodity prices.
The KLCI was 15.53 points lower at midday as Asian markets continue its downward spiral. An analyst said after a series of signs that the economy might be stabilising, investors were looking for more definitive signals of its improving health. “A pullback is also unsurprising as investors take profits,” the analyst said.

HwangDBS Vickers Research Sdn Bhd expects the benchmark composite index to tumble today, possibly sliding towards its first support level of 1,070.
“Consider also our local bourse’s performance yesterday, coming in as one of only two stock exchanges in the region that did not fall, suggests profit-taking activities will likely catch up ahead,” HwangDBS noted.

At 12.30pm, the KLCI fell 15.53 points (1.42%) to 1,075.64 while Singapore’s Straits Times Index lost 1.88% to 2,273.01. Japan’s Nikkei 225 slipped 2.59% to 9,779.87, Hong Kong’s Hang Seng Index dropped 3% to 17,943.40 and South Korea’s Kospi lost 1.08% to 1,397.16.
At Bursa Malaysia, 67 counters were up, 652 counters were down and 103 were traded unchanged. There were 793.99 million shares done with a total value of RM856.91 million.

Among the heavyweights, Tenaga lost 10 sen to RM7.80, Maybank fell 20 sen to RM5.90, Axiata slipped 8 sen to RM2.31 and BCHB dropped 5 sen to RM9.20. Plantation stocks Sime was down 10 sen to RM6.95, KLK fell 10 sen to RM11.90, PPB fell 20 sen to RM11.30 and Glenealy added 6 sen to RM3.68.

Property stocks SP Setia fell 22 sen to RM4.38, Mulpha lost 1.5 sen to 60.5 sen, UEM Land slipped 7 sen to RM1.78 and MRCB was down 1 sen to RM1.35. Oil-related stocks KNM slipped 5 sen to 93.5 sen, Scomi was unchanged at 76.5 sen, Perisai lost 2 sen to 64 sen and Vastalux added 8 sen to 58 sen.