Panic selling. The FBM KLCI lost 21.94 points at 1308.2 points yesterday, dragged down by renewed concerns of European debt woes and its contagion impact on the cyclical recovery of the global economy. Germany’s sudden move to ban short-selling had compounded the negative sentiment on global financial markets. Today’s corporate headlines are: Petra Energy files a writ of summons against seven persons in breach of their fiduciary duties, Bank Negara has reiterated that monetary policies will remain accommodative, Maxis intends to spend RM1.4bn on coverage extension and Wilmar has refuted claims that it has colluded with Indonesian officials to obtain tax breaks worth RM1.2bn. We expect our local market to remain volatile given the current global uncertainty. Crude Oil prices fell US$1.05 to US$68.36/barrel.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago