Malaysia Market - Mid-Day Comments

12:30 Asian markets mostly tumbled after Dow Jones lost more than 400 pts last night. News of U.S. Treasury scrapped plans to buy mortgage assets, Commonwealth Bank of Australia said bad debts may double and China’s industrial output missed estimates added salts to wounds. Japan fell by 6.29%, Hong Kong 6.63% and Singapore 3.64%.

KLCI followed its peers and lingering at its lower zone for the whole morning. The Index settled at 875.15 lost 15.19 pts or 1.71%.

But, market sentiment was steady and improved gradually with MSO climbed from its low at -419.07 to its high at -314.85. Plays on penny stocks were seen everywhere for the whole morning session.

With so many bad news on stage, Malaysia market will see more weaknesses in the afternoon session.