Malaysian share prices closed lower on Monday on profit-taking after gains over the last two sessions, with plantation stocks leading the way, dealers said. They said weaker-than-expected US economic data gave investors an excuse to lock in gains.
The Kuala Lumpur Composite Index closed down 3.83 points at 986.07 on turnover of 1.04 billion shares worth 843.39 million ringgit (241 million dollars) while gainers led losers 465 to 332, with 280 stocks unchanged.
At the close, the ringgit was quoted at 3.6420/6470 to the dollar. Data released last Friday showed that United States gross domestic product growth slowed to 1.6 percent in the third quarter, from 2.6 percent in the previous quarter, and 5.6 percent in the first quarter of the year.
RAM Consultancy Services managing director and chief economist Yeah Kim Leng said the slowdown in US third quarter growth was "slightly sharper than expected, but not alarming."
"However, we do expect a rebound in the fourth quarter and the US to achieve a soft-landing," Yeah said. SJ Securities acting head of research Cheah King Yoong said he believes the local market has further upside potential ahead of the ruling party, United Malays National Organization's (UMNO) general assembly from November 13. The analyst said he expects the benchmark index to move within the 979 to 992 points range this week. Among heavyweights, Telekom Malaysia fell 0.15 ringgit at 8.80 and Tenaga was flat at 10.00 while Maybank gained 0.20 at 11.20.
Comments
Comments are closed.