Tuesday, September 16, 2008

1,000 revisited

KLCI ends down 1.9% at 1012.37 in modest volume, weighed down by steep falls in regional bourses on concerns over health of financial institutions in U.S after news of Lehman Brothers' bankruptcy, credit crisis faced by AIG. Also, retreat in CPO prices triggered selldown in plantation stocks by foreign funds, heightened political risk kept investors on sidelines. Index expected to trade between 1000-1016 range Wednesday. Foreign funds led the selling today with plantations and finance stocks hardest hit. Local investors opted to stay on the sidelines ahead of Anwar Ibrahim's planned Parliamentary coup. This cocktail of poor markets, a weaker ringgit (against USD) and uncertain political future provided the ideal excuse for funds to exit Malaysian equities

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