Malaysian shares plunge Friday on gas, fuel worriesgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
Malaysian shares plunge on gas, fuel worries
..........KUALA LUMPUR (September 30) : Malaysian shares ended at a new one-year low on Friday, its seventh straight day of losses, dented by worries over rising gas and oil prices, and fears the government may raise taxes on gaming and tobacco companies.
..........The benchmark Kuala Lumpur Stock Exchange Composite Index closed one percent lower at 713.51. The index has fallen 3.5 percent this week and is 13 percent below its level at end-1999.
..........Volume perked up with 111 million shares traded, among the most active trading days this month, as local savings and pension funds were seen liquidating some positions at the end of the third quarter.
..........Shares of power utility Tenaga Nasional, the country's biggest listed company, slipped for the third straight day on fears that gas prices will be increased soon.
..........Gas fuels about 70 percent of Tenaga's power generation requirements and a hike in natural gas costs would hurt margins if it is not accompanied by a rise in electricity tariffs. The government has said Tenaga has yet to apply for a tariff rate hike.-Reuters
-- Carl Jenkins (Somewherepress@aol.com), September 29, 2000
Minor hints of stock market collapses everywhere now. Wait till next month when all the 3rd quarter earnings reports are out. It'll be "run for cover."
-- JackW (email@example.com), September 29, 2000.
Worse than that Jack is after the skyhigh natural gas prices deflect consumer Christmas spending therefore the REAL impact won't be felt until the bottom lines of fourth quarter, 00 are reported. These ripples take time to hit the stock market.
-- Guy Daley (firstname.lastname@example.org), September 30, 2000.