Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-Index slides; investors defensive after S&P report, palm oil prices

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STOCKS NEWS MALAYSIA-Index slides; investors defensive after S&P report, palm oil prices Sep 6th 2012, 08:18 Thu Sep 6, 2012 4:18am EDT Malaysia's benchmark stock index hit a two-month low as market players appeared to be taking defensive stance on a recent report by rating agency Standard & Poor's about Malaysia's fiscal profile and as weak palm oil prices hit palm planters. The main index was down 1.48 percent at 1,616.70, falling at one point to 1,613.16, the lowest since July 5, extending Wednesday's 0.8 percent fall. Before the selloff, it had risen around 8 percent since hitting its low in May to close at a record high of 1,654.11 on Tuesday. A Kuala Lumpur-based trader said the market sentiment was hurt by the country's risk on credit outlook if reforms were not implemented. A drop in Malaysian crude palm oil futures to a 3-week low also added to the broadly weak mood, the trader said. Large caps led among losers on Thursday, including CIMB Group Holdings Bhd which fell 2.9 percent and Axiata Group Bhd which was down 3.1 percent. Planter IOI Corporation Bhd fell 1 percent. For Standard & Poor's statement, click (Reporting by Viparat Jantraprap in Bangkok and Jongwoo Cheon in Singapore; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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