Malaysian share prices closed 4.64 percent lower on Monday, the worst performer of regional markets which were sold-off heavily again in the aftermath of last week's rout, dealers said. They said anxiety on regional markets returned after Wall Street's big drop last Friday, followed by a 3.34 percent slump in Tokyo.
The Kuala Lumpur Composite Index closed down 53.99 points at 1,110.69, off an intraday low of 1,090.69. Volume traded was 2.617 billion shares valued at 3.589 ringgit (1.025 billion dollars) while losers overwhelmed gainers 1,110 to 42, with 42 stocks untraded. At the close, the ringgit was quoted at 3.5175/5225 to the dollar.
MIDF Sisma analyst S. Sharath said investor sentiment continued to be affected by concerns that the US economy might be stalling and the Chinese government might impose further credit tightening measures.
Sharath said he believes "the direction of the market will continue to be determined by economic factors rather than corporate news." Among blue chips, Tenaga fell 0.60 ringgit to 11.00, Maybank lost 0.40 to 11.80 and Telekom Malaysia was down 0.20 at 9.70.
Genting and unit Resorts World plunged, in line with the broader market's downtrend, with the sharp fall also linked to its Singapore unit Genting International's decision to call off a tie-up with Macau casino tycoon Stanley Ho. Genting slid 2.50 ringgit to 32.00 and Resorts fell 1.00 to 13.30.
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