Barefoot Investor: External woes weigh on FBM KLCI

The FBM KLCI extended its losses on Tuesday, July 12 in line with the overnight fall at Wall Street and the slump this morning at key regional markets on renewed worries of the euro zone debt crisis.

Italy, the third largest economy in the euro zone, has emerged as the latest concern, according to Reuters.

It has the second-highest debt to GDP ratio in the group after Greece, giving rise to fears of a spreading contagion and prompting a meeting of top officials, it said.

Meanwhile, US stocks suffered their worst day in nearly a month following the Italy news, along with concern about the stalemate in US budget talks, said Reuters.

The FBM KLCI fell 7.08 points to 1,581.50 at 10am.

Losers beat gainers by 252 to 91, while 196 counters traded unchanged. Volume was 131.36 million shares valued at RM167.17 million.

At the regional markets, Hong Kong’s Hang Seng Index fell 1.78% to 21,949.52, Japan’s Nikkei 225 lost 1.53% to 9,915.00, South Korea’s Kospi down 1.89% to 2,116.46, Taiwan’s Taiex fell 1.65% to 8,522.99, Singapore’s Straits Times Index was down 0.99% to 3,086.46 and the Shanghai Composite Index shed 0.84% to 2,779.14.


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