Malaysian share prices closed 3.6 percent lower on Friday as world-wide markets went into a tailspin, dealers said. The Kuala Lumpur Composite Index lost 34.88 points to 934.01, off a low of 931.79. Turnover was at 739.38 million shares valued at 1.6 billion ringgit (457 million dollars) while losers outpaced gainers 695 to 71.
"The decline in the local bourse is in line with the turmoil in the global markets," Stephen Soo, analyst at brokerage TA Securities told AFP. Global stocks plummeted Friday on widespread fears that the financial crisis was spiralling out of control, dealers said. They said the benchmark index was likely to trade within a range of 900 and 950 next week, but warned that any rebound will be used as an opportunity to sell.
"The market is oversold but this does not mean that we have reached bottom. The possibility of further declines is very real and investors are likely to sell into any rallies in the near term until some sign of market stability emerges," an institutional dealer told Dow Jones Newswires.
Among plantation stocks, IOI Corp lost 8.0 percent to 3.46, Sime Darby shed 3.0 percent to 6.50 and Malayan Banking ended down 5.1 percent at 5.55. Stocks favoured by foreign funds also faced firm selling pressure, with Public Bank retreating 7.3 percent to 8.95 ringgit, Commerce-Asset Holdings losing 4.0 percent to 7.30 ringgit and Bursa Malaysia off 6.5 percent to 5.75.
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