Malaysian share prices closed 0.58 percent lower on Thursday, ending off lows from earlier falls triggered by Wall Street's weak overnight close, dealers said. They said bargain-hunters emerged to pick up select stocks at lower levels and as sentiment in China recovered after authorities there denied it will impose capital gains tax on stock profits.
The Kuala Lumpur Composite Index was down 7.97 points at 1,364.41, off a low of 1,359.09 on volume of 1.19 billion shares valued at 1.86 billion ringgit (543.9 million dollars). Gainers led losers 429 to 416.
At the close, the ringgit was quoted at 3.4245/4295 against the dollar. Ang Kok Heng, chief investment officer of Phillip Capital, said the local bourse retreated earlier in reaction to losses in US markets overnight on fears that the US Federal Reserve may raise its key interest rates.
Index heavyweights rebounded to end mostly flat, with Tenaga unchanged at 11.70 ringgit, as was Telekom Malaysia, at 10.20, while Maybank lost 0.30 to 12.10. Proton surged 0.60 to 6.45 amid speculation that its controlling shareholder Khazanah Nasional Bhd may soon conclude a partnership deal with Germany's Volkswagen AG.
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