KUALA LUMPUR: The key 100-stock KL Composite Index fell below the key 900-level at midday on Tuesday, dragged by losses in Tenaga while Asian markets also retreated on growing recession concerns.

At 12.30pm, the KLCI had fallen 8.25 points or 0.91% to 898.94. Turnover was 148.69 million shares valued at RM171.81 million. Declining stocks beat advancers 265 to 80 while 169 counters were unchanged.

Asian markets fell, with Hong Kong’s Hang Seng Index down 2.95% or 396 points to 13,059.58, the Nikkei 225 fell 1.65% to 7,622.01 while Singapore’s Straits Times Index lost 1.15% to 1,661.41 and Shanghai’s Composite Index 0.52% lower at 2,376.97.

Light crude oil fell 76 cents to US$36.75 while the crude palm oil futures rose RM3 to RM1,925. The ringgit was quoted to RM3.631 to US dollar.

PacificMas fell 25 sen to RM2.30 with 1,000 shares done. It announced yesterday the Securities Commission had approved its proposed internal restructuring via the transfer of PacificMas Asset Management Sdn Bhd’s entire business (excluding liquid assets consisting of investment in unit trusts, deposits with financial institutions, cash and bank balances, dividend receivable and interest receivables from all the aforesaid) to Pacific Mutual Fund Bhd.

BAT fell 25 sen to RM43.75 with 107,100 shares done. IRM Group lost half of its value, down 25 sen to 25 sen. Hong Leong Bank and DiGi gave up 20 sen each to RM5.30 and RM20.90 while Lafarge eased 12 sen to RM3.86 and KL Kepong 10 sen to RM10.40.

Tenaga lost 20 sen with 1.41 million shares. It had expected a reduction of RM1.2 billion in revenue under the reduction in tariffs.

Talam fell 0.5 sen to 4.5 sen and it was the most active with 11.6 million units transacted. Resorts fell two sen to RM2.24 and KNM 0.5 sen to 43 sen.

Tien Wah was the top gainer, surging 22 sen to RM1.45 but with only 100 shares done. SGGM added 16.5 sen to 75 sen, Quality 11 sen to RM1.20 and Hartalega nine sen to RM2.06.