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Malaysian blue chip shares ended down 0.24 percent on Tuesday for second straight day of losses as concerns about security and sky-high oil prices weighed on the market, though stocks like Berjaya Land gained.
The key Kuala Lumpur Composite Index fell 1.96 points to 825.53. Overall volume was a light 298 million shares worth 585 million ringgit ($154 million).
Declining stocks beat gainers two to one. Property developer Berjaya Land jumped 5.3 percent to 89 cents after parent Berjaya Group made a fresh proposal to issue loan stocks as part of plans to settle money it owes to Berjaya Land.
Among Kuala Lumpur's heavyweights, shares in cigarette-maker British American Tobacco gave up its initial gains after reporting a 5.6 percent jump in second-quarter earnings. The stock fell half a percent to 50.00 ringgit.
Malaysian dealers also said uncertainty about government plans to revamp the way it awarded contracts and the speed of reform at state-linked firms also kept investors out of the market.
"Even though the government is keen on setting economic growth on the right path, the stock market may not be able to respond to positive news at this moment," said Ngu Chie Kieng, research head at brokerage TA Securities. Top mobile phone firm Maxis, which was among Monday's biggest decliners, closed up 0.6 percent to 8.55 ringgit. Analysts expected the stock to reverse its recent downtrend ahead of earnings reports.
Maxis is due to report second-quarter earnings by end-August.

Copyright Reuters, 2004

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