Market gives up early gains

Written by Writer on Monday, October 13th, 2008

Market gives up early gains

KUALA LUMPUR : The local stock market opened higher on Monday but was quick to give up its gains as investors remained unconvinced the financial meltdown was not yet over.

At 9.30am, the KL Composite Index fell 3.05 points to 930.96. Turnover was 58.37 million shares valued at RM109mil. There were 78 gainers, 198 gainers while 114 counters were unchanged.

Shanghai’s A Share Index opened 27.7 points or 1.32% lower at 2,073.59 and Taiwan’s Weighted Index slid 2.83% to 4,985.31. However, Singapore’s Straits Times Index, whose economy entered into a recession, bounced back 2.18% higher to 1,990.75. Japan was closed.

Light crude oil futures rose US$3.09 to US$80.79 while the ringgit was quoted at RM3.5015 to the US dollar.

Earlier, European leaders agreed to guarantee new bank debt and use taxpayer money to keep distressed banks afloat.

At Bursa, the KLCI was weighed down by losses in Public Bank and MISC which fell 15 sen each to RM8.80 and RM8.05 despite a 15 sen gain by Tenaga to RM6.60.

Shell was the top loser, down 30 sen to RM9.50, while Esso shed 16 sen to RM2.10. LPI and PPB fell 25 sen each to RM9.35 and RM7.65 while F&N shed 16 sen to RM8.80.

Plantation stocks TH Plantation fell 20 sen to RM2.60, SOP 17 sen to RM2.15 and Keck Seng 16 sen to RM3.18.

However, shipbuilder Tanjung Offshore jumped 29 sen to RM1.49 and Swee Joo 12 sen to 80 sen. BAT added 25 sen to RM40.75, Tanjong 20 sen to RM12.60 and Genting 10 sen to RM4.82.