Malaysia in Business Today 23rd July 2012

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KUALA LUMPUR – The FBM KLCI extended its loss for the third day running on Monday as Asian markets, spooked by the spectre of a deepening eurozone financial crisis that could be a drag on the global economic growth.

The benchmark FBM KLCI closed 6.83 points lower at 1,636.17. There were 565 losers and 194 gainers, while 312 counters traded unchanged. Volume was 915.89 million shares valued at RM1.22 billion.

European shares fell and the euro hovered near multi-year lows on Monday after two Spanish regions said they would need aid, reigniting fears the country will become the fourth eurozone member to need a full international bailout, according to Reuters. Ten-year Spanish government bond yields rose to a fresh euro-era high of 7.55% after a second region said over the weekend it would ask for central government help to keep it afloat, it said.

At the regional markets, Hong Kong’s Hang Seng Index slumped 2.99% to 10,053.47; Taiwan’s Taiex lost 1.90% to 7,028.73; Japan’s Nikkei 225 fell 1.86% to 8,508.32; South Korea’s Kospi fell 1.84% to 1,789.44; the Shanghai Composite Index was down 1.26% to 2,141.40; and Singapore’s Straits Times Index shed 1.10% to 2,982.49.

Among the losers on Bursa Malaysia, United Plantations fell 70 sen to RM25.20; Panasonic lost 26 sen to RM23.14; Hing Yap and GAB dropped 20 sen each to RM2.48 and RM14; PetDag shrunk 18 sen to RM21; Tradewinds deducted 16 sen to RM8.46; Pharmaniaga, KPJ and Keck Seng retreated 13 sen each to RM9.77, RM6.11 and RM4.11 respectively.

DBE Gurney was the most actively-traded counter, with 37.92 million shares done. The stock fell half a sen to 7.5 sen. Other actives included Naim Indah Corp, Harvest Court, Ariantec, Metronic, Axiata, SapuraKencana, Telekom Malaysia and MK Land. The gainers included BAT, Allianz, Bintulu Port, Lafarge Malayan Cement, CMSB, Subur Tiasa, KLK, HLB and Malaysia Smelting Corp. -By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia