Asian markets fall, KLCI buck trend midday 04 June 2009

Asian stock markets fell as much as 2.3% today, spooked by the weak US employment and mortgage data released on June 3, as well as declining oil and commodity prices.The data released in US had revealed that the service sector had contracted for the eighth straight month; some 500,000 people lost jobs in the private sector and mortgage applications declining fast as of last week in the face of rising interest rates.

At noon today, Hong Kong's Hang Seng Index fell 2.31% to 18,147.15, the Taiwan TAIEX Index slipped 2.23% to 6,739.44 and the South Korean Kospi lost 1.66% to 1,391.41.The Shanghai Composite Index fell 1.39% 2,739.88 and Singapore's Straits Times Index lost 1.05% to 2,358.83.

The benchmark KL Composite Index (KLCI), however, bucked the trend and was the best performer among regional markets, rising 0.39% or 4.11 points to 1,059.51, off its intra-morning high of 1,062.2. Turnover was 585.1 million shares valued at RM508.81 million. Losers edged gainers 241 to 233, while 221 counters traded unchanged.

Gains at key heavyweights including Malayan Banking Bhd, Tenaga Nasional Bhd, Bumiputra-Commerce Holdings Bhd as well as at Astro All Asia Network Plc, Measat Global Bhd, Public Bank Bhd and IOI Corp Bhd kept KLCI in positive territory this morning. Maybank, Tenaga, BCHB and Public Bank added 5 sen each to RM5.50, RM7.60, RM8.60 and RM8.75, respectively. Measat jumped 37 sen to RM1.58, its highest since October last year while Astro added 30 sen to RM3.46. Other gainers included DiGi.Com Bhd, Berjaya Land Bhd, Dutch Lady Milk Industries Bhd, Tanjong Plc and LPI Capital Bhd.Among the major losers were Batu Kawan Bhd that fell 15 sen to RM8.75; Shell Refining Company (Federation of Malaya) Bhd and Hong Leong Financial Group fell 10 sen each to RM10.50 and RM5, respectively. Other losers included Keck Seng (Malaysia) Bhd, AirAsia Bhd, UMW Holdings Bhd and AMMB Holdings Bhd.

Mulpha International Bhd was the most active stock with 40.3 million shares traded. The counter added half a sen to 56.5 sen.Other actively traded stocks included KNM Group Bhd, Saag Consolidated (M) Bhd, Scomi Group Bhd, Dialog Group Bhd and Salcon Bhd.On the Bursa Malaysia derivatives market, crude palm oil futures for August delivery fell RM45 per tonne to RM2,530 and down RM51 per tonne to RM2,546 for July delivery.Light, sweet crude oil fell 4 cents per barrel to US$66.08 in electronic trading at noon today.