KUALA LUMPUR: The overnight fall on Wall Street pushed Asian equities lower in early trade on Tuesday as investors also turned jittery about the effectiveness of the actions taken by central banks to resolve the liquidity crisis.
Japanese Prime Minister Taro Aso said on Tuesday the US financial conditions were very severe and probably their worst since the late 1920s.
At 9.15am, the KL Composite Index was down 16.3 points or 1.64% to 980.54. Turnover was 32.53 million shares valued at RM55mil. There were 16 gainers, 150 losers and 58 counters unchanged.
Monday's markets at a glance Asian markets fell with Japan’s Nikkei 225 down 358.86 points ot 3.43% to 10,114.23, Singapore’s Straits Times Index fell 1.32% to 2,139.72 and South Korea’s Kospi 1.1% to 1,343.86. Australia’s S&P/ ASX 200 lost 2.15%to 4,443.0.
Oil was trading at US$88.5 per barrel.
HwangDBS Vickers Research said it was déjà vu for investors around the world as share markets in the US and Europe fell in a black Monday in the month of October yesterday, with the Dow Jones Industrial Average plunging 3.6% (after rebounding from an earlier loss of 7.7%) at the closing bell.
In a research note, it added expected selling activity to carry on today driven by the view that the initiatives taken by central banks across the regions so far are inadequate to resolve the liquidity crisis, which has spread on to hit some European financial institutions now.
“Technically, after slipping into the triple-digit territory yesterday, the key KLCI will probably break below last week’s trough of 993.60 ahead, with the next support level standing at 960,” it said.
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