14-07-2008: Local stocks lower mid-morning
by Cindy Yeap
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KUALA LUMPUR: Local stocks slid almost three points on opening this morning as attention goes to whether Parliament would allow the emergency motion of no-confidence against Prime Minister Datuk Seri Abdullah Ahmad Badawi and his Cabinet today. The decision would be known by noon today. Already, there’s massive traffic congestion in Kuala Lumpur this morning caused by police roadblocks on roads leading to Parliament.
Investors looking to Wall Street for signals would likely be sellers today with the Dow Jones Industrial Average tumbling below 11,000-points during intra-day trading for the first time in two years on Friday. All major Wall Street indices ended in another week of losses over the weekend with oil prices surging past US$147 (RM485.10) on the back of concerns on troubled Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corp), US’ biggest mortgage financiers which together provide almost half of the US mortgage market’s cash.
At 10.15am, the Kuala Lumpur Composite Index was down 2.69 points, or 0.23%, to 1,147.70 points. Only 52.61 million shares worth RM78.16 million had changed hands. Market breadth was negative with 65 gainers chasing 175 losers just over an hour into trade, while 127 others traded unchanged.