All Asian markets slide

KUALA LUMPUR: All regional markets were in the red from the start of trade on Tuesday, Oct 27 as investors' sentiment was rattled by the second-day of losses on Wall Street and doubts about the strength of the US economic recovery.

At 10am, the FBM KLCI fell 6.3 points to 1,253.62 but off the early low of 1,246 as support from institutions helped lift the heavyweights off their lows. Turnover was 219 million shares valued at RM253 million. There were 106 gainers, 294 losers and 143 stocks unchanged.

Hong Kong's Hang Seng Index opened 2.3% lower at 22,077.91, Japan's Nikkei 225 lost 1.46% to 10,201.85 while Shanghai's Composite Index gave ip 1.68% to 3,057.32. Singapore's Straits Times Index lost 0.82% to 2,694.42.

Light crude oil rose two cents to US$78.10 while US spot gold price added US$2.52 to 1,041.02.

HwangDBS Vickers Research said profit-taking temptations will likely put pressures on Malaysian equities today. Continuing from where it left off yesterday - in which market breadth was clearly negative - the bears will threaten to pull the key FBM KLCI (after closing at its intra-day low) to fall under its immediate support line of 1,255 ahead.

Investors' mood could also be influenced by the overnight slide on Wall Street. Major U.S. stock indices dropped between 0.6% and 1.2% at the closing bell as crude oil prices slipped 1.7% to US$78.68 per barrel.

"Providing a sense of support to the benchmark FBM KLCI is index heavyweight Tenaga. The power utility - which has just released its full year FY Aug 2009 financial results that met expectations - plans to pay a gross dividend per share of 13.1 sen to its shareholders," it said.

Nestle fell 20 sen to RM33, MISC 15 sen to RM8.90 and HL Bank 11 sen to RM7.73 while HLFG gave up nine sen to RM6.35. Genting PLANTATION []s lost 10 sen to and IOI Corp eight sen to RM5.38 but Batu Kawan added 10 sen to RM10.10.

Redtone was the most active with 11.3 million shares done, rising two sen to 26.5 sen after posting profit in its most recent quarter.

Water-related counters rose, with Aliran Ihsan-LA up 18 sen to RM1.30 and Puncak five sen to RM3.20.

Octagon rose five sen to 41 sen with 5.22 million shares done while Jetson edged up five sen to RM2.33.