Malaysian share prices closed 0.38 percent lower on Thursday in the third straight session of losses as investors continued to lock in profits, dealers said. The Kuala Lumpur Composite Index closed down 4.13 points to 1,075.47. Declining stocks outnumbered advancers 416 to 391, with 299 stocks unchanged.
Trading volume was 786.84 million shares valued at 1.24 billion ringgit (340 million dollars). TA Securities technical analyst Stephen Soo said the downtrend in the past sessions was expected given the market was "ripe for correction" and that it should "stabilise and start base-building from now on."
Soo said investors can start looking for an entry level and he saw the next strong support level for the benchmark KLCI at 1,056 points, with the immediate resistance level seen at 1,080 points.
"Going forward, we think institutional buying will slow down as part of year-end window dressing until January - we don't expect much window dressing this year," he said.
Tenaga lost 0.10 ringgit to 11.00 ringgit as investors ignored news that the national energy firm's debt level has come down to 54 percent from 58 percent since August due mainly to the strengthening of the ringgit. Maybank was steady at 11.50. Palm oil group IOI Corp posted the biggest loss, falling 0.60 ringgit to 18.40.
Gambling group Genting, which posted sharp gains earlier in the week after it won a Singapore casino project, slid 0.50 ringgit or 1.52 percent to 32.50. Its unit Resorts was down 0.30 ringgit or 2.11 percent at 13.90.
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