Malaysian share prices closed 0.24 percent lower on Monday on profit-taking after last week's surge, with plantation and mining stocks leading the decline, dealers said. The Kuala Lumpur Composite Index closed down 2.49 points at 1,019.81.
Trading volume was 911.11 million shares valued at 1.08 billion ringgit (296.7 million dollars) and losers led gainers 450 to 371. At the close, the ringgit was quoted at 3.6360/6410 to the dollar. A dealer from a local brokerage noted that last week's gains came ahead of a key meeting of the ruling United Malays National Organisation. Some 2,400 party delegates are attending the general assembly which began Monday.
"The uptrend seen last week may not be sustainable and further downside is likely when the UMNO assembly ends on Friday," the dealer said. Among blue chips, Tenaga fell 0.30 ringgit or 2.86 percent to 10.20, Telekom Malaysia lost 0.15 ringgit or 1.66 percennt to 8.90, while Maybank was steady at 11.40.
Plantation stocks IOI Corp was down 0.30 ringgit or 1.61 percent at 18.30, Kuala Lumpur Kepong fell 0.50 ringgit or 3.65 percent to 13.20 and Batu Kawan lost 0.60 ringgit or 5.66 percent to 10.00.
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