Malaysian share prices closed 0.49 percent lower on Thursday as investors continue to trim holdings ahead of the US Federal Reserve announcement on interest rates, dealers said. The Kuala Lumpur Composite Index closed down 6.71 points at 1,350.72, off a low of 1,347.50.
Volume traded was 1.0 billion shares worth 1.668 billion ringgit (486.5 million dollars) while losers led gainers 511 to 393 and 259 stocks were unchanged.
Choo Swee Kee, chief investment officer at TA Investment Management, said the ringgit's recent weakness suggests that foreign funds might be selling but this should be temporary, as the market's valuations remain attractive.
Index heavyweights closed mixed, with Maybank, Malaysia's largest lender, falling 0.10 ringgit to 12.20, national utility Tenaga was unchanged at 11.30, while Telekom Malaysia gained 0.10 to 10.50. Astro feel 0.18 ringgit to 4.46 after the pay TV operator announced a 65 percent year-on-year fall in net profit for the first quarter.
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