Malaysian share prices closed 0.74 percent lower on Tuesday due to profit-taking after investor sentiment took a hit from a weak Wall Street performance overnight, dealers said. They said investors also adopted a cautious stance ahead of the start of the latest US Federal Open Market Committee policy meeting Wednesday.
The Kuala Lumpur Composite Index lost 10.14 points to 1,366.99, off an intraday high of 1,380.50. It traded to a low of 1,363.90. Trading volume was 1.511 billion shares, valued at 2.455 billion ringgit (701 million dollars) while losers led gainers 648 to 286.
At the close, the ringgit was quoted at 3.4745/4775 against the dollar. "Some of the foreign funds are pulling out of regional markets due to the limited upside," Pong Teng Siew, head of research at MIMB Investment Bank said. Small-cap stocks, especially in the construction, property and oil and gas sectors, also succumbed to profit-taking.
Index heavyweight closed lower, with Telekom Malaysia down 0.20 ringgit at 10.30, Tenaga National lost 0.10 to 11.30, Maybank, the largest lender in the country, declined 0.10 to 12.30. Shares of construction firm Gamuda was down 0.30 ringgit to 8.45. Kencana Petroleum lost 0.02 ringgit to 2.12.
Transmile extended losses, falling 0.52 ringgit to 4.24, even though the company said it aims to release its audited 2006 financial statements by end-June.
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