| No | Stocks | Adjusted Mkt Cap (RMm) | Weightage (%) | Investiblity Weight |
|---|---|---|---|---|
| 1 | Malayan Banking | 48,271.90 | 9.99 | 75% |
| 2 | Public Bank | 46,480.10 | 9.62 | 100% |
| 3 | CIMB Group Holdings | 46,101.80 | 9.54 | 75% |
| 4 | Sime Darby | 40,756.30 | 8.43 | 75% |
| 5 | Axiata Group | 31,479.30 | 6.51 | 75% |
| 6 | Genting Bhd | 30,311.20 | 6.27 | 75% |
| 7 | IOI Corp | 26,632.70 | 5.51 | 75% |
| 8 | Tenaga Nasional | 24,962.80 | 5.17 | 75% |
| 9 | Petronas Chemicals Group | 17,112.00 | 3.54 | 30% |
| 10 | DiGi.Com | 16,607.40 | 3.44 | 75% |
| 11 | AMMB Holdings | 14,445.50 | 2.99 | 75% |
| 12 | Maxis Bhd | 12,172.50 | 2.52 | 30% |
| 13 | MISC Bhd | 12,016.50 | 2.49 | 40% |
| 14 | Kuala Lumpur Kepong | 11,489.30 | 2.38 | 50% |
| 15 | Telekom Malaysia | 10,463.90 | 2.17 | 75% |
| 16 | Genting Malaysia | 10,335.40 | 2.14 | 50% |
| 17 | PPB Group | 10,313.80 | 2.13 | 50% |
| 18 | Petronas Gas | 9,023.00 | 1.87 | 40% |
| 19 | PLUS Expressways | 9,000.0 | 1.85 | 40% |
| 20 | Gamuda | 7,626.10 | 1.58 | 100% |
| 21 | Hong Leong Bank | 7,508.70 | 1.55 | 40% |
| 22 | YTL Corp | 7,398.80 | 1.53 | 50% |
| 23 | British American Tobacco | 6,578.60 | 1.36 | 50% |
| 24 | YTL Power International | 6,441.10 | 1.33 | 40% |
| 25 | UMW Holdings | 6,232.30 | 1.29 | 75% |
| 26 | Petronas Dagangan | 4,667.20 | 0.97 | 30% |
| 27 | RHB Capital | 3,975.30 | 0.82 | 20% |
| 28 | Hong Leong Financial Group | 3,606.80 | 0.75 | 30% |
| 29 | MMC Corp | 3,459.20 | 0.72 | 40% |
| 30 | Malaysia Marine Heavy Engineering | 3,412.80 | 0.71 | 30% |
Saturday, 15 October 2011
KLCI Index counter
Nickel vs KLCI
Base on Nickel and BDI indicator, we can accurately predict future economy trend.
Wednesday, 12 October 2011
Monday, 10 October 2011
Greek talks with debt inspectors nearly concluded
ATHENS, Greece (AP) -- Greece's talks with its international debt inspectors were essentially concluded Monday afternoon, although some technical details remained and were expected to be wrapped up by Tuesday, the finance minister said.
Debt inspectors from the International Monetary Fund, the European Central Bank and the European Commission have been negotiating with the Greek government for 12 days after suspending their review of Greek reforms in early September amid talk of delayed implementation of reforms and missed targets.
The inspectors, known collectively as the troika, are to recommend whether Greece has done enough to qualify for an euro8 billion ($10.8 billion) installment of its international bailout loans that will prevent it from defaulting on its debts. Athens has said it has enough funds to see it through mid-November.
"After a long series of talks and discussions with representatives of the troika, we have successfully completed the scheduled meetings and the mission will be completed by tomorrow," Finance Minister Evangelos Venizelos said in a parliamentary committee session.
"Some technical issues remain to be worked out," Venizelos said. "If it is necessary for me to handle (the issue) personally in order to give political, final solutions that will be done, but I don't consider that is particularly likely."
Greece has been struggling to emerge from a vicious financial crisis that has left it dependent on rescue loans from other eurozone countries and the IMF since May 2010. The funds are disbursed quarterly after international debt inspectors review the government's reforms and whether it is sticking to the pledges it made to receive the bailout.
Once the troika recommends whether Greece should receive the next batch of bailout loans, the decision must be signed off on by the IMF and the eurozone countries. By mid-November, Greece will run out of money to pay salaries and pensions.
Greece has been struggling through a third year of a recession, and has been slow to implement several key reforms, including privatizations. The troika suspended its review in early September, returning to Athens only after the government pledged extra austerity measures to ensure it meets its deficit reduction targets. They have included extra property taxes and implementation of a plan to suspend about 30,000 civil servants on partial pay.
The measures have sparked a renewed round of strikes and protests. Public transport workers walked off the job in Athens Monday, snarling traffic across the capital, while municipal workers have also been on strike, leaving garbage uncollected on many streets. Air traffic controllers have been staging work-to-rule protests, leading to long delays for flights from Athens' international airport. A nationwide general strike is set for Oct. 19.
Prime Minister George Papandreou spoke with EU President Herman van Rompuy by phone on Monday to discuss the Greek financial crisis, the premier's office said, adding that the two agreed to meet in Brussels soon, possibly some time later this week.
Debt inspectors from the International Monetary Fund, the European Central Bank and the European Commission have been negotiating with the Greek government for 12 days after suspending their review of Greek reforms in early September amid talk of delayed implementation of reforms and missed targets.
The inspectors, known collectively as the troika, are to recommend whether Greece has done enough to qualify for an euro8 billion ($10.8 billion) installment of its international bailout loans that will prevent it from defaulting on its debts. Athens has said it has enough funds to see it through mid-November.
"After a long series of talks and discussions with representatives of the troika, we have successfully completed the scheduled meetings and the mission will be completed by tomorrow," Finance Minister Evangelos Venizelos said in a parliamentary committee session.
"Some technical issues remain to be worked out," Venizelos said. "If it is necessary for me to handle (the issue) personally in order to give political, final solutions that will be done, but I don't consider that is particularly likely."
Greece has been struggling to emerge from a vicious financial crisis that has left it dependent on rescue loans from other eurozone countries and the IMF since May 2010. The funds are disbursed quarterly after international debt inspectors review the government's reforms and whether it is sticking to the pledges it made to receive the bailout.
Once the troika recommends whether Greece should receive the next batch of bailout loans, the decision must be signed off on by the IMF and the eurozone countries. By mid-November, Greece will run out of money to pay salaries and pensions.
Greece has been struggling through a third year of a recession, and has been slow to implement several key reforms, including privatizations. The troika suspended its review in early September, returning to Athens only after the government pledged extra austerity measures to ensure it meets its deficit reduction targets. They have included extra property taxes and implementation of a plan to suspend about 30,000 civil servants on partial pay.
The measures have sparked a renewed round of strikes and protests. Public transport workers walked off the job in Athens Monday, snarling traffic across the capital, while municipal workers have also been on strike, leaving garbage uncollected on many streets. Air traffic controllers have been staging work-to-rule protests, leading to long delays for flights from Athens' international airport. A nationwide general strike is set for Oct. 19.
Prime Minister George Papandreou spoke with EU President Herman van Rompuy by phone on Monday to discuss the Greek financial crisis, the premier's office said, adding that the two agreed to meet in Brussels soon, possibly some time later this week.
Friday, 30 September 2011
KLCI and Dow Jone Industrial
For DJIA, 40 MA is hard resistance.Last few days, it try to break but all attempts fail. Next week, perhaps it will find support at 10728. This is critical support, break below it, it'll trigger panic selling to push the index further down to 10247!!
Goldman Sachs rule the world, it don't care the government rescue package! Don't miss this precious opportunity to grow your equity!
Monday, 26 September 2011
Saturday, 10 September 2011
My watchlist 12-15 September
For myself accessment, I am noting down the entry price for a list of potential profit making stock. I do not recommend any stocks to buy...No I don't.. Buy at your own risk
AEM 0.235
ECS 1.29
ENGKAH (shall i wait it retrace to 2.94, then buy?)
GPACKET (shall i punt if it retrace to 0.72?)
GUH 1.22
GUNUNG (Close at 0.585 outside lower BB, will it technically rebounce to middle BB 0.64?)
HAPSENG 1.37
HEVEA 0.62
HUANN 0.26
INGRESS 0.865
JAKS 0.64
KFIMA 1.76
KUB 0.67
KURASIA 0.52
MAHSING (Close at 2.02, perhaps SM shake the stock price to frighten the retailer to dispose the stock on hand. This phenomenon potentially will continue for few days as SM want to make sure the supply in the market is dry out. By then, SM can easily make the share price fly high)
MAHSING-CB (I put it into my watch list)
MBSB 1.53
MITRA 0.53
MKLAND 0.32
MUDA 0.96
RUBEREX 0.69
SBCCORP 1.14
SDRED 0.71
SYSTECH (Punt again at 0.29?)
TEBRAU (Punt at 0.61?)
TGUAN 1.10
TIME 0.275
TIMECOM 0.62
TMS 0.09
TWSPLNT (Hit 3.52, will it another round of bullish?)
TWSPLNT-CA
WEIDA 1.05
XDL 0.32
YTLE 0.835
ENGKAH (shall i wait it retrace to 2.94, then buy?)
GPACKET (shall i punt if it retrace to 0.72?)
HAPSENG 1.37
HIBISCS 0.565 (Possible downtrend again)
INGRESS 0.865
KEURO 1.07 (Downtrend again)
KURASIA 0.52
LBS 0.835
LBS-WA MAHSING (Close at 2.02, perhaps SM shake the stock price to frighten the retailer to dispose the stock on hand. This phenomenon potentially will continue for few days as SM want to make sure the supply in the market is dry out. By then, SM can easily make the share price fly high)
MAHSING-CB (I put it into my watch list)
OSK 1.50
SBCCORP 1.14
SDRED 0.71
TEBRAU (Punt at 0.61?)
TGUAN 1.10
TIME 0.275
TIMECOM 0.62
TMS 0.09
TWSPLNT (Hit 3.52, will it another round of bullish?)
TWSPLNT-CA
WEIDA 1.05
XDL 0.32
YTLE 0.835
Wednesday, 7 September 2011
My watchlist 5 September
Armada
COASTAL
CSCENIC
BJCORP -RM1.07 (BB Squeeze, waiting for breakout)
CEPAT -RM1.42(Resting at 1.40 which is previous high, seem like strong resistance for it to break)
CIMBCOASTAL
CSCENIC
EFFICEN -RM0.195
EKSONSENGKAH
GPACKET -RM0.755 (Hit my entry price and close at 0.77)
GUANCHGGUH -RM1.22
INGRESS -RM0.865
KEYWEST -RM 0.11 (Last friday close at 0.125, doji form at peak,need next trading day for confirmation)
KFIMA -RM1.76 (Closed at 1.76, continue to monitor it)
MALTON
MASTEEL -RM1.10
MBSBMUDA -RM0.95
OLDTOWN -RM1.20
OSK -RM1.50
PTGTIN -RM0.305
SPB -RM3.50
SYSTECHTANCO -RM0.245
TEBRAU-RM0.64
TWSCORP- RM0.825
TWSPLNT -RM3.51
TWSPLNT-CAYTLE- RM0.83
Monday, 5 September 2011
Stocks plunge after US hiring dries up in August
NEW YORK (AP) -- A dismal jobs report caused stocks to plunge Friday.
The Dow Jones industrial average dropped 253 points, or 2.2 percent, wiping out its gain for the week. All 30 stocks in the average fell.
No jobs were added in the U.S. last month, the government said early Friday. It was the worst employment report in 11 months and renewed fears that another recession could be on the way. The yield on the 10-year Treasury note briefly fell below 2 percent and gold jumped $48 an ounce as cash flowed into investments seen as less risky than stocks.
"It's certainly ugly," said Jeff Kleintop, chief market strategist at LPL Financial.
The U.S. jobs news came out midday in Europe, dragging stock markets lower in afternoon trading. Indexes in Germany and France were already sinking on news that talks between Greece and international lenders over that country's debt crisis were breaking down. Germany's DAX closed down 3.4 percent; France's CAC-40 lost 3.6 percent.
The lack of hiring in the U.S. last month surprised investors. Economists were expecting 93,000 jobs to be added. Previously reported hiring figures for June and July were revised lower. The average work week declined and hourly earnings fell. The unemployment rate held steady at 9.1 percent. The rate has been above 9 percent in all but two months since May 2009.
Kleintop said the jobs report didn't change his view that the economy was headed for a stretch of weak economic growth, not a recession. He said the figures were likely skewed by unusual events that may have made employers reluctant to add jobs in August.
The Labor Department's report relies on data collected from surveys of households and businesses in the second week of August. That's right after Standard & Poor's removed the country's AAA credit rating and fears mounted that Europe's banking crisis could spread to the U.S. Television screens were filled with images of riots in London.
"I'm not surprised that businesses weren't doing too much hiring in that environment," Kleintop said.
The Dow Jones industrial average lost 253.31 points to close at 11,240.26. It was the biggest fall in two weeks. The Dow gained 329 points in the first three days of the week, turning the index positive for the year on Wednesday. Its two-day drop of 373 on Thursday and Friday left it down 0.4 percent for the week.
The Standard & Poor's 500 index fell 30.45, or 2.5 percent, to 1,173.97. The S&P is down 0.2 percent for the week. Both the Dow and S&P have fallen five of the past six weeks.
The Nasdaq composite fell 65.71, or 2.6 percent, to 2,480.33. The technology-heavy index eked out a gain of 0.48 point for the week.
Cash poured into Treasurys and gold, assets believed to be safer bets during a weak economy. The yield on the 10-year Treasury note fell to 2 percent, and briefly traded below that level. It was 2.14 percent shortly before the report came out. Yields fall when demand for bonds increases.
The price of gold rose 2.8 percent to $1,880. Fears that a stalling economy could reduce demand for oil and gasoline pushed benchmark crude oil down $2.48, or 2.8 percent, to $86.45.
Trading volume was thin ahead of the Labor Day weekend at 3.8 billion shares, 11 percent below the average volume for the year. Low volume can result in larger-than-usual moves in stock indexes. When fewer traders are active in the market, large buy and sell orders can move stock prices more than they would on a typical day.
The VIX, a measure of stock market volatility, rose 6.6 percent to 34. The index has fallen from a recent high of 48 on Aug. 8, when the Dow lost 634 points following a downgrade of the U.S. government's credit rating. The VIX traded below 20 for most of the year.
Bank of America Corp., the country's largest bank, sank 8 percent, or 66 cents, to $7.25 after The Wall Street Journal reported that regulators had asked it to develop emergency plans in case the bank's condition worsens. Bank of America is down 45 percent this year, largely on concerns about legal costs related to shoddy mortgage investments that it sold.
Other big banks dropped on separate reports that the government is preparing to sue some of them, also over mortgage investments they sold that lost value when the housing market collapsed. The Federal Housing Finance Agency, the regulator of Fannie Mae and Freddie Mac, announced the lawsuit against 17 banks after the market closed.
The FHFA says the banks lied about the quality of loans that they pooled and sold as securities. Morgan Stanley fell 97 cents, or 5.7 percent, to $15.96. Citigroup Inc. lost $1.60, or 5.3 percent, to $28.40 and Goldman Sachs Group Inc. fell $5.10, or 4.6 percent, to $107.06.
Peter Tchir, a former trader who now runs the hedge fund TF Market Advisors, said stocks will likely be dragged down in the coming weeks by high unemployment, weak spending and a possible default by Greece, which he sees as increasingly likely.
"I expect that the S&P will go back below 1,100 sometime in September," he said. "Whether we hit a recession or a contraction or not, it'll remain weak, and Europe is going to hit a wall where the banks are going to have to take losses." That would also hurt U.S. banks, he said.
Netflix Inc. plunged 9 percent, or $20.16, to $213.11 after talks collapsed with a key provider of movies and TV shows. Starz Entertainment said late Thursday that it won't renew a contract that allows Netflix to stream recently released movies and shows.
The Dow Jones industrial average dropped 253 points, or 2.2 percent, wiping out its gain for the week. All 30 stocks in the average fell.
No jobs were added in the U.S. last month, the government said early Friday. It was the worst employment report in 11 months and renewed fears that another recession could be on the way. The yield on the 10-year Treasury note briefly fell below 2 percent and gold jumped $48 an ounce as cash flowed into investments seen as less risky than stocks.
"It's certainly ugly," said Jeff Kleintop, chief market strategist at LPL Financial.
The U.S. jobs news came out midday in Europe, dragging stock markets lower in afternoon trading. Indexes in Germany and France were already sinking on news that talks between Greece and international lenders over that country's debt crisis were breaking down. Germany's DAX closed down 3.4 percent; France's CAC-40 lost 3.6 percent.
The lack of hiring in the U.S. last month surprised investors. Economists were expecting 93,000 jobs to be added. Previously reported hiring figures for June and July were revised lower. The average work week declined and hourly earnings fell. The unemployment rate held steady at 9.1 percent. The rate has been above 9 percent in all but two months since May 2009.
Kleintop said the jobs report didn't change his view that the economy was headed for a stretch of weak economic growth, not a recession. He said the figures were likely skewed by unusual events that may have made employers reluctant to add jobs in August.
The Labor Department's report relies on data collected from surveys of households and businesses in the second week of August. That's right after Standard & Poor's removed the country's AAA credit rating and fears mounted that Europe's banking crisis could spread to the U.S. Television screens were filled with images of riots in London.
"I'm not surprised that businesses weren't doing too much hiring in that environment," Kleintop said.
The Dow Jones industrial average lost 253.31 points to close at 11,240.26. It was the biggest fall in two weeks. The Dow gained 329 points in the first three days of the week, turning the index positive for the year on Wednesday. Its two-day drop of 373 on Thursday and Friday left it down 0.4 percent for the week.
The Standard & Poor's 500 index fell 30.45, or 2.5 percent, to 1,173.97. The S&P is down 0.2 percent for the week. Both the Dow and S&P have fallen five of the past six weeks.
The Nasdaq composite fell 65.71, or 2.6 percent, to 2,480.33. The technology-heavy index eked out a gain of 0.48 point for the week.
Cash poured into Treasurys and gold, assets believed to be safer bets during a weak economy. The yield on the 10-year Treasury note fell to 2 percent, and briefly traded below that level. It was 2.14 percent shortly before the report came out. Yields fall when demand for bonds increases.
The price of gold rose 2.8 percent to $1,880. Fears that a stalling economy could reduce demand for oil and gasoline pushed benchmark crude oil down $2.48, or 2.8 percent, to $86.45.
Trading volume was thin ahead of the Labor Day weekend at 3.8 billion shares, 11 percent below the average volume for the year. Low volume can result in larger-than-usual moves in stock indexes. When fewer traders are active in the market, large buy and sell orders can move stock prices more than they would on a typical day.
The VIX, a measure of stock market volatility, rose 6.6 percent to 34. The index has fallen from a recent high of 48 on Aug. 8, when the Dow lost 634 points following a downgrade of the U.S. government's credit rating. The VIX traded below 20 for most of the year.
Bank of America Corp., the country's largest bank, sank 8 percent, or 66 cents, to $7.25 after The Wall Street Journal reported that regulators had asked it to develop emergency plans in case the bank's condition worsens. Bank of America is down 45 percent this year, largely on concerns about legal costs related to shoddy mortgage investments that it sold.
Other big banks dropped on separate reports that the government is preparing to sue some of them, also over mortgage investments they sold that lost value when the housing market collapsed. The Federal Housing Finance Agency, the regulator of Fannie Mae and Freddie Mac, announced the lawsuit against 17 banks after the market closed.
The FHFA says the banks lied about the quality of loans that they pooled and sold as securities. Morgan Stanley fell 97 cents, or 5.7 percent, to $15.96. Citigroup Inc. lost $1.60, or 5.3 percent, to $28.40 and Goldman Sachs Group Inc. fell $5.10, or 4.6 percent, to $107.06.
Peter Tchir, a former trader who now runs the hedge fund TF Market Advisors, said stocks will likely be dragged down in the coming weeks by high unemployment, weak spending and a possible default by Greece, which he sees as increasingly likely.
"I expect that the S&P will go back below 1,100 sometime in September," he said. "Whether we hit a recession or a contraction or not, it'll remain weak, and Europe is going to hit a wall where the banks are going to have to take losses." That would also hurt U.S. banks, he said.
Netflix Inc. plunged 9 percent, or $20.16, to $213.11 after talks collapsed with a key provider of movies and TV shows. Starz Entertainment said late Thursday that it won't renew a contract that allows Netflix to stream recently released movies and shows.
Will KLCI technically rebounce?
Stay sideline better than jump in blindly.
Tuesday, 23 August 2011
SBC CORPORATION BERHAD
| Company Name | : | SBC CORPORATION BERHAD |
| Stock Name | : | SBCCORP |
| Date Announced | : | 09/08/2011 |
| Type | : | Announcement | |
| Subject | : |
| |
| Description | : |
| |
 | |
| |
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Monday, 22 August 2011
Mah Sing gets sales, bookings of RM190.6m
Property developer Mah Sing Bhd has recorded sales and bookings worth RM190.6 million with the launch of a commercial project and previews of two residential projects over the weekend.
In a statement today, Mah Sing Group Managing Director/Chief Executive Officer Tan Sri Leong Hoy Kum said all 78 units of retail lots in Star Avenue@Damansara, Sungai Buloh, valued at RM71.7 million had been snapped up.
The company also recorded a strong take up of close to 75 per cent of the Kinrara Residence luxury bungalows and semi-detached homes in Puchong. - Bernama
In a statement today, Mah Sing Group Managing Director/Chief Executive Officer Tan Sri Leong Hoy Kum said all 78 units of retail lots in Star Avenue@Damansara, Sungai Buloh, valued at RM71.7 million had been snapped up.
The company also recorded a strong take up of close to 75 per cent of the Kinrara Residence luxury bungalows and semi-detached homes in Puchong. - Bernama
Sunday, 21 August 2011
SBCCORP bullish
Trend: Form higher low, uptrend (Bullish)
ADX: Bullish crossover bearish with momentum (Bulish)
MACD: Bull nearly kissing bear form below (Undetermine)
RSI: Cross above 30% from below indicating buy strength is back (Bullish)
STO: Touching 50% (Bullish)
Volume distribution: Strong buying force (Bullish)
Conclusion: 5 Bulls 1 Neutral
TP: 1.13, should we wait till 1.50?
Cut loss: 0.98
KLCI finding support at 1473
Friday, 12 August 2011
AirAsia in UK tie-up talks
“Closing off a new potential joint venture to submit to the board for AirAsia,” he wrote on his personal Twitter site. “Sales are kick ass,” said Fernandes, adding that he was en route to the U.K.
The Sepang, Malaysia-based airline flies to London through its long-haul arm AirAsia X Sdn Bhd. -- Bloomberg
Read more: AirAsia in UK tie-up talks http://www.btimes.com.my/Current_News/BTIMES/articles/20110812121453/Article/index_html#ixzz1UpV2eX3X
Wednesday, 10 August 2011
KLCI Plunge again?
Stock to punt
Wow, Dow plunge 3% -450 at 11:10pm. Perhaps, tomorrow KLCI will gap down open. Good chance to punt again? Forth round Mega sales? My watch list for tomorrow:
Mahsing- Hope drop below 2.14, then shall i consider Mahsing-cb @ 0.175?
MBSB- Punt MBSB-CA (@0.08?) if mummy below 1.50
MRCB- if below 2, punt MRCB-CE@ 0.07?
*Good luck to me*
NEW YORK (Reuters) - Wall Street stocks fell sharply on Wednesday on fears over possible trouble in the French banking sector that has large exposure to shaky peripheral European debt.
U.S. financial stocks led the decline as the KBW bank index slid 6.2 percent. Large financial institutions fell sharply, with Bank of America Corp down 12.2 percent to $6.93.
French banks were hit hard in Paris trading. Societe General, where U.S. traders have focused their attention, fell 16 percent. BNP Paribas fell 13.2 percent.
"France owns $350 billion worth of Italy's debt on their banks' books," Dave Rovelli managing director of U.S. equity trading at Canaccord Adams, who said fears of a failure in the sector were hitting U.S. markets.
The Dow Jones industrial average dropped 342.96 points, or 3.05 percent, to 10,896.81. The Standard & Poor's 500 Index fell 33.66 points, or 2.87 percent, to 1,138.87. The Nasdaq Composite Index shed 72.56 points, or 2.92 percent, to 2,409.96.
Indexes gave up much of Tuesday's snap-back rally. The S&P 500 is down nearly 18 percent since a peak at the start of May. Worries about the U.S. economy and high levels of public debt in Europe have sent stock cascading over the last two weeks.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)
Mahsing- Hope drop below 2.14, then shall i consider Mahsing-cb @ 0.175?
MBSB- Punt MBSB-CA (@0.08?) if mummy below 1.50
MRCB- if below 2, punt MRCB-CE@ 0.07?
*Good luck to me*
Wall Street slumps on worries over French banks
By Edward KrudyNEW YORK (Reuters) - Wall Street stocks fell sharply on Wednesday on fears over possible trouble in the French banking sector that has large exposure to shaky peripheral European debt.
U.S. financial stocks led the decline as the KBW bank index slid 6.2 percent. Large financial institutions fell sharply, with Bank of America Corp down 12.2 percent to $6.93.
French banks were hit hard in Paris trading. Societe General, where U.S. traders have focused their attention, fell 16 percent. BNP Paribas fell 13.2 percent.
"France owns $350 billion worth of Italy's debt on their banks' books," Dave Rovelli managing director of U.S. equity trading at Canaccord Adams, who said fears of a failure in the sector were hitting U.S. markets.
The Dow Jones industrial average dropped 342.96 points, or 3.05 percent, to 10,896.81. The Standard & Poor's 500 Index fell 33.66 points, or 2.87 percent, to 1,138.87. The Nasdaq Composite Index shed 72.56 points, or 2.92 percent, to 2,409.96.
Indexes gave up much of Tuesday's snap-back rally. The S&P 500 is down nearly 18 percent since a peak at the start of May. Worries about the U.S. economy and high levels of public debt in Europe have sent stock cascading over the last two weeks.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)
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