KUALA LUMPUR: Blue chips fell sharply in early trade on Tuesday, sending the KL Composite Index below the key 1,000 level as sentiment was battered by weak regional markets and the tumble on Wall Street.
At 9.05am, the KLCI was down 23.86 points or 2.34% to 995.86. Turnover was 22.31 million shares valued at RM31.27mil. There were only nine gainers, 195 losers and 34 counters unchanged.
Major Asian markets which were opened for trading also fell sharply after the US Congress rejected the US$700bil bailout plan.
US markets plunged as the House rejected, by a vote of 228 to 205, the US$700bil measure to authorise the biggest government intervention in the markets since the Great Depression.
The Dow Jones Industrial Average fell 778 points, or 6.98% to 10,365, the biggest point drop ever. The Standard & Poor's 500 Index fell 8.4%, the most since Oct 26, 1987.
Japan’s Nikkei 225 fell 4.78% or 561.07 points to 11,182.54, South Korea’s Kospi skidded 3.69% 1,402.65 while Singapore’s Straits Times Index fell 4.64% to 2,251.71.
Light crude oil fell 29 cents US$96.09 per barrel.
At Bursa Malaysia, Nestle fell RM1 to RM26, KL Kepong 45 sen to RM9.35 while down 40 sen each were Tanjong, BCHB and MISC foreign to RM13, RM7.35 and RM7.75 respectively. Genting and DiGi lost 30 sen each to RM5.05 and RM22.10 while Bursa Malaysia slipped 25 sen to RM6.15.
IOI Corp fell 24 sen to RM4.12 and Gamuda 13 sen to RM2.04.
Meanwhile, TH Group bucked the weak market, rising 12 sen to 69.5 sen after Tung Hup Holdings Sdn Bhd, which holds 53.26% of TH Group, proposed a capital repayment of 75 sen per TH Group share under its move to take it private.
CNI rose five sen to 33 sen while MAA added 2.5 sen to 62 sen while QSR edged up one sen to RM2.33.
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