MALAYSIAN shares closed lower today as most investors were reluctant to take fresh positions ahead of the weekend, dealers said. The benchmark Kuala Lumpur Composite Index (KLCI) declined 0.98 of a point to close at 896.47. It opened 0.77 of a point higher at 898.22.
The dealers said the US’ economic plan has raised confidence that their economy would be back on track as the new administration would help the economy particularly the financial sector through the bailout of its institutions. However, trading on Bursa was thin as most investors believe the outlook is still gloomy for the global economy and some believe the worst is not over.The Industrial Index went down 6.99 points to 2,106.92, the Finance Index fell 88.33 points to 7,040.69 while the Plantation Index dropped 10.52 points to 4,347.81.
The FBMEmas declined 12.52 points to 5,869.54, the FBM30 decreased 17.88 points to 5,767.56, the FBMMesdaq dropped 1.97 points to 3,288.33 and the FBM2BRD rose 40.91 points to 4,001.89. Losers led gainers by 255 to 214 while 199 counters were unchanged, 583 untraded and 31 others suspended.
Volume rose to 546.612 million shares valued at RM549.655 million compared to yesterday’s close 602.933 million shares worth RM711.488 million. An analyst said the local market did not respond to the overnight rebound in the US market following the US government’s announcement to provide more aid to Bank of America.
Among the actives, UEM Land declined 4.5 sen to 79.5 sen, Ramunia rose 6.5 sen to 38 sen, Oilcorp increased one sen to 30 sen, KNM and Tebrau fell one sen each to 46.5 sen and 50.5 sen respectively. Among the heavyweights, Sime Darby and Bumiputra-Commerce went down five sen each to RM5.45 and RM6.50 respectively while Maybank fell 20 sen to RM5.30. Tenaga went down 10 sen to RM6.00 ahead of its first half financial year results due for release next week. However, IOI Corp rose four sen to RM3.78. - Bernama
Article from Business Times.com
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