Thursday 28 Mar 2024
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KUALA LUMPUR: The Kuala Lumpur Composite Index (KLCI) extended its losses at midday June 23, in line with the fall at major Asian markets a day after the World Bank said prospects for the global economy remain "unusually uncertain" as it cut 2009 growth forecasts for most economies.

The World Bank said the global recession this year would be deeper than it forecast in March and cautioned that a flight of capital from developing nations will swell the ranks of the poor and the unemployed. It said the world economy would contract 2.9% compared to the earlier forecast 1.7% decline.

Among key Asian markets, Hong Kong's Hang Seng Index fell 3.1% to 17,500.55, Japan's Nikkei 225 lost 2.92% to 9,538.86, South Korea's Kospi fell 2.47% to 1,365.20, Taiwan's TAIEX Index lost 1.84% to 6,224.29, Singapore's Straits Times Index down 1.58% to 2,230.99 and the Shanghai Composite Index lost 1.4% to 2,855.77.

At the Bursa Malaysia, the KLCI cut some losses at midday and was down 0.93% or 9.72 points to 1,036.25. The KLCI had earlier fallen to an intra-morning low of 1,028.14.

Trading volume was 741.09 million shares valued at RM793.85 million. Losers beat gainers 573 to 77, while 125 counters traded unchanged.

Among the major losers, BCHB fell 30 sen to RM8.75, Sime Darby and YTL Corp lost 10 sen each to RM6.75 and RM6.60, IOI Corp fell 6 sen to RM4.48 and MMC Corp fell 8. sen to RM1.83.

Maybank, Tenaga and Genting fell 5 sen each to RM5.55, RM7.30 and RM5.35, respectively, while Axiata lost 2 sen to RM2.18.

Bina Goodyear and Malaysian Pacific Industries fell 30 sen each to 65 sen and RM5, Degem down 28 sen to 70 sen, Subur Tiasa down 27 sen to RM1.90, Nestle down 25 sen to RM31 while Bursa fell 20 sen to RM6.75.

DFZ Capital was the top gainer at midday and was up 40 sen to RM4.30, Berjaya Media added 18 sen to RM1.35, while DiGi, Dutch Lady, Shell and Tanjong added 10 sen each to RM21.80, RM10.80, RM10.40 and RM13.30, respectively.

Other gainers included PacificMas, LBI Capital, MISC and Takaful.

KNM Group was the most actively traded counter this morning with 72.3 million shares done. The stock fell 2.5 sen to 78.5 sen. Other actively traded stocks included UEM Land, Scomi, Saag, Tebrau Teguh and Mulpha.

Samchem, which made its debut today on Bursa Malaysia and is the first IPO for this year, rose 4.5 sen to 75.5 sen with 25.2 million shares traded.

Crude oil fell 68 cents to US$66.82 per barrel at midday while crude palm oil futures rose RM53 to RM2,210 per tonne for September delivery.

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