Malaysian share prices closed flat on Tuesday on mild bargain hunting while buying support from both local and government-led funds helped the benchmark index, dealers said. The Kuala Lumpur Composite Index edged up 0.39 points to close at 997.23 off an intraday low of 980.18 points.
Turnover was 458 million shares worth 943 million ringgit (270 million dollars) while decliners led gainers 310 to 249 and 229 counters were unchanged. Dealers said retail investors and short-term players continued to sell into strength and added that the benchmark index is likely to remain volatile in the near term and possibly fluctuate within the range of 980 to 1,010 points.
"The shock move by the Reserve Bank of Australia to cut interest rates by a hundred basis points is the key reason for the turnaround," a dealer told Dow Jones Newswires. "Regional markets also reacted positively on hopes other industrialised countries may follow suit," the dealer said. Among gainers for the day, Telekom Malaysia rose 3.0 percent at 3.40 ringgit, Tenaga was up 4.6 percent at 6.90 ringgit while Bursa Malaysia added 1.6 percent at 6.30 ringgit. On the downside, Telekom Malaysia Internasional (TMI) was down 2.8 percent at 5.15 ringgit, Genting shed 1.9 percent at 5.20 ringgit and IJM Corp was down 3.8 percent at 4.58 ringgit.
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