Plantations weigh on Bursa

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KUALA LUMPUR: Asian markets were in the red at the midday break on Wednesday on growing recession fears, with Bursa Malaysia down in tandem with the gloomy outlook and fall in crude palm oil (CPO) futures. At 12.30pm, the KL Composite Index down 5.12 points to 893.41. Turnover was 123.58 million shares valued at RM177.11 million. There were 93 gainers, 221 losers while 179 stocks were unchanged.Shanghai’s Composite Index fell 2.73% or 63.23 points to 2,256.21, Japan’s Nikkei 225 lost 140.39 points or 1.84% to 7,505.12, Hong Kong’s Hang Seng Index 1.56% to 12,743.24 and Singapore’s Straits Times Index shed 0.08% to 1,636.65.CPO  futures fell RM49 to RM1,845 while light crude oil declined 13 cents to US$34.80.Plantations were among the losers, with KL Kepong sliding 45 sen to RM9.95, Batu Kawan 15 sen to RM8.35 while IOI Corp and Kulim lost 10 sen each to RM3.74 and RM5.20 while Sime Darby shed five sen to RM5.60.However, United Plantations and Chin Teik rose 10 sen each to RM10.50 and RM6.15. Other decliners were DiGi, down 40 sen to RM21 and HL Bank 10 sen lower at RM5.35. KNM was the most active with 7.84 million units done, easing 0.5 sen to 41.5 sen. Compugate, the second most active, was unchanged at 17 sen. DFZ rose 22 sen to RM3.38 with just 2,000 shares. Toyo Ink added 15 sen to RM1.62 while Proton gained six sen to RM1.80 after announcing its launch of its first MPV net month.