Malaysian share prices ended 0.3 percent lower on Wednesday as foreign funds withdrew from the market over domestic political uncertainty and ahead of the 2009 budget announcement, dealers said. The Kuala Lumpur Composite Index shed 2.85 points to close at 1,067.65 on thin volume of 286.8 million shares worth 612 million ringgit (181 million dollars), while gainers lead decliners 268 to 257.
Opposition leader Anwar Ibrahim will be sworn into parliament Thursday after winning a by-election in his home state of Penang, boosting his plan to seize power from the government, after a decade-long political exile. "Foreign funds have almost completely withdrawn from the market. Local funds and some retail players were mildly active but there was lack of conviction," a dealer told Dow Jones Newswires.
"Political uncertainty and the mildly cautious stance ahead of 2009 budget (announcement) Friday kept investors at bay," the dealer said. Among heavyweights, Maybank fell 20 sen to 7.30 ringgit, Tenaga lost 20 sen to 7.80 ringgit, IOI Corp increased four sen to 4.86 ringgit and Telekom was steady at 3.50 ringgit.
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