Malaysian share prices closed little changed on Thursday, up 0.1 percent in quiet trade as investors were sidelined amid economic and political uncertainties, dealers said. The Kuala Lumpur Composite Index was up 1.24 points at 1,261.82. Volume traded was 457.0 million shares worth 1.23 billion ringgit (378 dollars) with gainers leading losers 340 to 277 and 273 counters unchanged.
The ringgit was traded at 3.2515/3.2530. "Trading was lacklustre with low volume. The market is affected by the political uncertainties and there appears to be a lack of confidence from foreign investors," a dealer at Alliance Merchant Bank said.
"The ringgit is weakening indicating large monetary outflows from the country. The weak sentiment is likely to continue until there is more stability" he added. The dealer said the announcement Wednesday of first quarter GDP growth of 7.1 percent had little impact on the market.
Prime Minister Abdullah Ahmad Badawi's administration is under pressure after winning March 8 elections with a reduced majority and with five states now in opposition hands. He is also facing calls to step down. Among index heavyweights, Telekom Malaysia was down 0.04 ringgit at 3.12 ringgit, Malayan Banking declined 0.05 to 7.45 while Tenaga Nasional fell 0.10 to 6.85.
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