Market extends losses, CIMB, AMMB down

KUALA LUMPUR: Blue chips on Bursa Malaysia slipped further when the market resumed trade in the afternoon on Monday, Feb 8 while most key Asian markets closed lower on worries about the fiscal anxieties in Europe.

The FBM KLCI fell 9.12 points to 1,238.78. Turnover was 367.45 million shares valued at RM526.67 million.

BAT fell 30 sen to RM42.20, Tasek 23 sen to RM3.92 while PPB shed 18 sen to RM15.50 and Unisem 16 sen to RM1.89.

CIMB lost 18 sen to RM12.24. AMMB 15 sen to RM4.59, despite that third quarter net profit was up 8.3% at RM268.5 million.

Key regional markets fell, according to Reuters. In Tokyo, Japan's Nikkei stock average sank 1.1 percent to a two-month closing low on Monday, with exporters such as Sony Corp hurt by a stronger yen, while anxiety over fiscal problems in Europe continued to dent investor confidence.

Beer maker Kirin Holdings fell more than 7 percent after saying that it and fellow beer maker Suntory had scrapped a plan to create one of the world's largest food and beverage makers, citing differences over governance and a merger ratio.

Toyota Motor Corp fell 1.1 percent to 3,280 yen despite spending much of the day in positive territory after its president apologised on Friday for safety problems and said the automaker would bring in outside experts to review quality controls.

China's key stock index edged down 0.14 percent in shrinking turnover on Monday, with the banking and property sectors soft as bank lending curbs and the outlook for more new share supplies weighed on the market, according to Reuters.

The Shanghai Composite Index ended at 2,935.174 points, extending the previous week's a 1.7 percent loss, the third weekly fall in a row.

In Seoul, shares fell on Monday led by banking and Kumho Asiana Group related issues including Hana Financial Group and Kumho Petrochemical, amid renewed concerns about the group's financial position.

The Korea Composite Stock Price Index (KOSPI) finished down 0.91 percent to 1,552.79 points, the lowest close since Nov 27, 2009.

"The market lacks enough momentum for a rebound and worries about Europe's debt problems persist, though we do not think these will develop into a broader crisis," said Lee Jin-woo, a market analyst at Mirae Asset Securities.