Malaysian share prices closed 0.35 percent lower on Wednesday in trading within a tight range due to a lack of fresh leads, dealers said. They said the market drifted lower in late trading due to a lack of buying support and selling pressure from retail investors. The Kuala Lumpur Composite Index lost 3.2 points at 903.3, while volume totalled 375.5 million shares worth some 627 million ringgit (165 million dollars).
Losers led gainers 397 to 297. "Christmas is just around the corner. Most foreign investors are not taking any positions, while the local funds are almost done with their year-end window dressing," an institutional dealer at a local brokerage said.
"The market was broadly lower due to some selling pressure as there are no strong positive leads," a head of research at another brokerage, said. Tenaga Nasional was down 0.30 ringgit at 10.70 ringgit, while Malayan Banking lost 0.10 to 11.80, and Telekom Malaysia closed unchanged at 11.70.
Fast Track was the most active stock, closing 0.69 ringgit higher against its initial public offering (IPO) price of 0.28, on a volume of 31.54 million shares during its debut on the Mesdaq market.
Berjaya Land rose 0.005 to 0.815 ringgit, after its first half to October results improved as a result of higher occupancy rates at its hotel and resorts segment.
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