Malaysian share prices closed 0.5 percent lower on Thursday as record oil prices and a sharp fall on Wall Street overnight prompted cautious investors to take profits, dealers said. The Kuala Lumpur Composite Index (KLCI) closed down 6.8 points at 1,280.35, off a low of 1,275.91.
Volume was thin at 486 million shares, worth 1.1 billion ringgit (343 million dollars) while losers led gainers 377 to 274, with 286 stocks unchanged. At the close, the ringgit was trading at 3.2170/2220 against the dollar. Dealers said bargain-hunting, especially in oil and gas and construction stocks had offset overall losses in the market.
Palm oil stocks finished mixed after posting strong gains in the previous sessions, with Sime Darby, the world's leading palm oil producer and the biggest stock on the bourse, shedding 1.6 percent to 9.45 ringgit. Second-ranked IOI Corp firmed 0.7 percent to 7.10 ringgit. Among heavyweights, Maybank was unchanged at 7.75 ringgit, Telekom was down 0.08 ringgit at 3.60, while Tenaga Nasional was down 0.20 ringgit at 6.90.
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