Malaysian share prices closed flat on Monday with late buying interest offsetting earlier losses, dealers said. The Kuala Lumpur Composite Index gained 0.25 points at 983.79 on turnover of 576.16 million shares worth 709.37 million ringgit (202.7 million dollars) while losers led gainers 468 to 279, with 300 stocks unchanged.
At the close, the ringgit was quoted at 3.6840/6890 to the dollar. Dealers said the key index is likely to trend downwards towards the end of the week as investors are expected to stay on the sidelines ahead of next week's long holidays.
"There was a broad-based downtrend and profit-taking could be seen everywhere," Tee Sze Chian, an investment analyst at Mayban Securities said adding that trading momentum was weak.
Water treatment plant operator Puncak Niaga was sharply higher after Water Minister Lim Keng Yaik reportedly said the government has approved a 15 percent water tariff hike in Selangor state.
John Teoh, a fund manager from a local asset management firm, said he does not see the potential 15 percent water tariff hike having an adverse impact on the equity market.
"I don't think it will trigger further inflationary pressure as the hike will be confined within Klang Valley," the fund manager said. Among heavyweights, Tenaga gained 0.10 ringgit to 10.10 while Maybank and Telekom was steady at 11.50 and 9.10 respectively.
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