KL shares down 0.1pc

 

MALAYSIAN shares closed 0.1 per cent lower today in lacklustre trade on a lack of fresh leads and weak sentiment after Wall Street’s overnight fall, dealers said.

The Kuala Lumpur Composite Index shed 0.97 of a point to close at 883.09 in modest volume of 509.3 million shares worth RM667 million. Fifty-five stocks fell and 28 rose on the 100-member measure.

Decliners led gainers 390 to 161 with 171 counters unchanged.

Dealers said profit-taking into rallies by retail investors offset marginal gains in blue chips.

“The benchmark dipped in and out of positive territory ... the cut in pump prices of gasoline and diesel helped to lift market sentiment initially but there weren’t any positive catalysts beyond this,” a dealer said.

“Softer regional markets encouraged retail players to sell into strength,” the dealer said, adding that the index is expected to trade in the 868-890 range for the near term.

IOI Corp, Malaysia’s second-largest palm oil producer, dropped 6 sen, or 1.9 per cent, to RM3.10. Kuala Lumpur Kepong Bhd slid 20 sen, or 2.4 per cent, to RM8.20, the most since November 6. United Plantations Bhd lost 20 sen, or 1.9 per cent, to RM10.20, its biggest retreat since October 29. The Kuala Lumpur Plantation Index of 19 stocks dropped 1.5 per cent, its first decline in three days.

Palm oil futures in Malaysia fell for a sixth day, losing as much as 2.3 per cent, set for the lowest level since October 24.

SapuraCrest Petroleum Bhd lost 5 sen, or 6.4 per cent, to 81 sen, the most since October 24. Petra Perdana Bhd lost 5 sen, or 3.1 per cent, to RM1.55, the lowest since November 7 after crude oil in New York slid for a third day, dimming prospects of exploration-related contracts.

LCL Corp shed 9.9 per cent at 82 sen.

TMI gained 2.5 per cent at RM4.18 and Petronas Gas added 0.5 per cent at RM9.80.