Malaysian share prices closed down 0.4 percent on Friday as investors sold off selected blue chips after the key index hit fresh records three times earlier this week, dealers said. They said downbeat performances in some regional markets also prompted selling despite an initial upswing triggered by Wall Street's rally overnight on a government plan to rescue troubled US homeowners.
"The 12.62 point jump yesterday (Thursday) has pushed the market into the overbought region," analysts at Aseambankers said. The Kuala Lumpur Composite Index (KLCI) lost 6.35 points to 1,434.04 while trading volume was low at 842 million shares, valued at 1.7 billion ringgit (512 million dollars) with 554 decliners and 285 gainers. Among index heavyweights, state-run Telekom Malaysia fell 10 sen to 11.20 ringgit while national power company Tenaga was down 20 sen to 9.80 ringgit.
Maybank gained 10 sen to 11.90 ringgit while Sime Darby, the world's largest listed palm oil company, dropped 30 sen to 11.20 ringgit.
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