Stocks slip on overnight fall on Wall Street

Written by Joseph Chin
Friday, 02 October 2009 09:23

KUALA LUMPUR: Stocks on Bursa Malaysia fell in early trade on Friday, Oct 2, dragged down by the overnight fall on Wall Street, mirroring the losses on Wall Street.

At 9.15am, the FBM KLCI fell 5.15 points to 1,203.2. Turnover was 63.97 million shares valued at RM43.34 million.

HwangDBS Vickers said the Malaysian bourse - showing resilience - went up against expectations yesterday. But it did not expect the local stock market to escape from a regional rout today after Wall Street's overnight plunge.

In the U.S., following disappointments over a poor manufacturing indicator and rising jobless claims, investors used them as an excuse to dump equities across the board. Reflecting the broad sell-off, the three key equity barometers on Wall Street sank between 2.1% and 3.1% at the closing bell.

"Back home, it should not be a surprise if the benchmark FBM KLCI slides below the 1,200 psychological mark ahead. Its first support line now stands at 1,190.

Jetson fell the most, down 16 sen to RM1.66 with 235,300 shares done, Jetson-WA also declined 16 sen to 75 sen and Jetson-LA eight sen to RM1.50.

Hai-O, which had a strong run-up and hit fresh highs daily over the past few trading sessions, saw investors starting to take profit but in thin trade. It fell 16 sen to Rm6.18 with only 2,000 shares done.

Bursa lost 10 sen to RM8.07 while PacMas, PPB and Genting fell eight sen each to RM3.90, RM15.40 and RM6.94 respectively.