KL shares end 0.3pc lower

 

MALAYSIAN shares closed 0.3 per cent lower today on steep declines on Wall Street and weaker regional markets, dealers said.

The Kuala Lumpur Composite Index fell 2.68, or 0.3 per cent, to close at 845.75, its lowest level since October 29. Fifty-seven stocks dropped and 27 rose on the 100-member measure. December index futures slid 0.8 per cent to 841.50.

Tradewinds Plantation Bhd dropped 4 sen, or 2.7 per cent, to RM1.46, its lowest close since November 7. IOI Corp dropped 4 sen, or 1.3 per cent, to RM3.14. Kuala Lumpur Kepong Bhd slid 5 sen, or 0.6 per cent, to RM8.20. Palm oil futures in Malaysia slid as much as 4.2 per cent today, amid a slide in crude oil. Cheaper crude reduces the appeal of palm oil as an alternative fuel.

Ahmad Zaki Resources Bhd rose 1 sen, or 2.2 per cent, to 47 sen, its biggest advance since November 21. The Malaysian builder said it won a RM115.1 million contract to build a specialist maternity complex at the Hospital Kuala Terengganu, Terengganu. The contract will be completed within 156 weeks, it said in a statement.

KNM Group Bhd slid 3 sen, or 5.7 per cent, to 49.5 sen, the fourth-largest decliner on the benchmark Composite Index, after the oil and gas equipment company scrapped an agreement to buy Ellimetal NV of Belgium for 20 million euros (US$25 million).

MK Land Holdings Bhd fell 0.5 sen, or 3.2 per cent, to 15 sen, its biggest decline since November 24. The property developer plans to sell RM600 million worth of assets to help fund new projects that will be rolled out from next year, the Business Times reported, citing chief executive officer Tan Sri Mustapha Kamal Abu Bakar. They include land in its Damansara Perdana township and three resort properties, the newspaper reported.

Time Engineering Bhd climbed 0.5 sen, or 4.8 per cent, to 11 sen. The telecommunications services company said it has submitted a revised debt restructuring proposal to the development bank to reorganise its remaining outstanding debt. An announcement will be made as soon as the bank decides on the plan, it said in a statement. - Agencies