Friday 29 Mar 2024
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KUALA LUMPUR: Asian markets fell this morning following the overnight slump at Wall Street after the World Bank yesterday 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.

At Wall Street yesterday, the Dow Jones industrial average dropped 200.72 points, or 2.35% to end at 8,339.01. The Standard & Poor's 500 Index was down 28.19 points, or 3.06% at 893.04. The Nasdaq Composite Index was down 61.28 points, or 3.35% at 1,766.19.

Over at the Asian markets, Japan's Nikkei 225 tumbled 3.09% to 9,523.01 at mid-morning; the South Korean Kospi fell 2.29% to 1,367.68, Singapore's Straits Times Index fell 1.84% to 2,225.13, Taiwan's TAIEX Index lost 1.72% to 6,232.25 and Shanghai's Composite Index fell 1.11% to 2,864.02.

Hong Kong's Hang Seng Index opened 1.3% lower at 17,478.56 when trading began this morning.

At the Bursa Malaysia, the KL Composite Index (KLCI) stayed in negative territory throughout the morning and at 9.52am fell below the 1,030 point level to 1,029.99.

However, at 10am it regained some lost ground and was 15.31 points lower at 1,030.66. Trading volume was thin with 281.24 million shares valued at RM268.53 million. Losers thumped gainers by 456 to 22, while 88 counters traded unchanged.

Malaysian Pacific Industries was the top loser and fell 40 sen to RM4.90; KL Kepong and Bina Goodyear lost 30 sen each to RM11.60 and 65 sen respectively, while Nestle and BCHB fell 25 sen each to RM31 and RM8.80.

Sarawak Oil Palms fell 21 sen to RM2.11, Bursa lost 20 sen to RM6.75, BLD Plantation lost 18 sen to RM2.98 while Aeon fell 16 sen to RM4.18.

Changhuat was the top gainer and added 10 sen to RM1.50, PacificMas rose 8 sen to RM2.90, LBI Capital added 6.5 sen to 71 sen, KPJ up 6 sen to RM3.18 while MISC added 5 sen to RM8.60.

The most actively traded counter in early trade today was KNM Group with 23.1 million shares done. The counter fell 4 sen to 77 sen.

Samchem Holdings, which made its debut on Bursa Malaysia today, was also among the most actively traded stocks. It rose one sen to 72 sen with 16.8 million shares done.

Other actively traded stocks included UEM Land, Scomi, Mulpha, Saag, Tebrau Teguh and Iris Corp.

Crude oil fell 41 cents per barrel to US$67.09 as at 10.20am today, while crude palm oil closed at RM2,157 per tonne yesterday.

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