Sharp falls as investors turn more cautious >>> 16 June 2009

Major Asian markets retreated to close lower on Tuesday dragged down by weak US economic data and lower commodity prices.

A monthly index of manufacturing conditions around the New York region fell to -9.4 in June from -4.6 the previous month, pointing that any recovery in the US - a critical market for Asian exporters - may be slower than expected.

Indexes in big Asian markets such as Japan and Hong Kong have gained 40% or more since early March.

At 5pm, the KLCI fell 17.05 points (1.56%) to 1,074.12 while Singapore’s Straits Times Index dropped 1.23% to 2,288.16 points and Hong Kong’s Hang Seng Index shed 1.80% to 18,165.50.
Tokyo’s Nikkei 225 fell 2.86% to 9,752.88 while Seoul’s Kospi Index lost 0.94% to 1,399.15.
At Bursa Malaysia, 148 counters were up, 605 were down and 172 were traded unchanged. There were 1.56 billion shares traded with a total value of RM1.85 billion.

Among the heavyweights, Maybank fell 25 sen to RM5.85, Sime Darby dropped 20 sen to RM6.85, Tenaga slipped 15 sen to RM7.75 and IOI Corp eased 10 sen to RM4.60. Axiata lost 6 sen to RM2.33, Genting fell 10 sen to RM5.80 and Bumiputra-Commerce slipped 10 sen to RM9.15.

Oil and gas counters KNM lost 2.5 sen to 96 sen, SAAG was unchanged at 34.5 sen, Scomi added 5.5 sen to 82 sen and Vastalux rose 15.5 sen to 65.5 sen.
Crude palm oil 3-month futures rose RM17 to RM2,406 per tonne.
Nymex crude oil added 83 cents to US$71.44 per barrel.
The ringgit was quoted at 3.5210 to the US dollar.