Most Asian bourses also declined at midday on concerns about the strength of the US economy with investors using the weaker dollar as an excuse to take profit as valuations look stretched following the recent rally, an analyst said.
At 12.30pm, the KLCI fell 13.02 points (1.22%) to 1,057.88 while Singapore’s Straits Times Index lost 0.93% to 2,250.35.Japan’s Nikkei 225 slipped 1.70% to 9,673.88, Hong Kong’s Hang Seng Index dropped 1.97% to 17,728.08 and South Korea’s Kospi lost 0.41% to 1,385.43.
The Shanghai Composite Index gained 0.92% to 2,836.07 after the World Bank raised its 2009 growth forecast for China.
At Bursa Malaysia, 81 counters were up, 632 counters were down and 138 were traded unchanged. There were 911.72 million shares done with a total value of RM751.44 million. Among the heavyweights, Maybank lost 20 sen to RM5.70, Bumiputra-Commerce slipped 15 sen to RM9, Genting fell 15 sen to RM5.40 and IOI Corp was down 8 sen to RM4.52.
Property stocks SP Setia was down 6 sen to RM4.38, UEM Land fell 12 sen to RM1.71, Tebrau lost 5.5 sen to 88.5 sen and Mulpha slipped 3.5 sen to 58.5 sen.BAT lost 25 sen to RM45, IJM Corp fell 20 sen to RM5.45, Bursa slipped 15 sen to RM7 and Axiata was down 5 sen to RM2.23.
Oil-related stocks KNM slipped 4 sen to 91 sen, Scomi lost 3 sen to 76 sen, SAAG fell 1.5 sen to 32 sen and Shell rose 10 sen to RM10.30.
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