Malaysian shares followed regional markets lower on Friday, weighed by sales of big blue chips, such as Maybank and Maxis, as world oil prices hit fresh record-highs, threatening corporate earnings.
Thursday's comments from Prime Minister Abdullah Ahmad Badawi that the government might review subsidies for fuel, electricity and transport if crude prices rose further also dented sentiment, analysts said.
Malaysia's 100-stock Composite Index closed down 0.52 percent at 815.62 points. Overall volume was a slim 307 million shares worth 560 million ringgit ($147 million), with 508 decliners and 197 gainers.
Seven of the top 10 biggest capitalised stocks fell, pushing the main index to hover at near two-month lows. Top lender Maybank lost nearly one percent to 10.40 ringgit, while number one cellphone operator Maxis dropped 2.3 percent to 8.60 ringgit.
Dealers blamed the big fall in Maxis shares on foreign selling.
In the broader market, health products distributor Liqua Health and newly-listed specialty chip maker Mems Technology were among the session's 10 most active stocks.
Comments
Comments are closed.