Malaysian shares closed down 0.6 percent on Wednesday due to profit-taking in key blue chips, dealers said. The Kuala Lumpur Composite Index lost 4.88 points to 850.37. Turnover was at 375.13 million shares valued at 552.13 million ringgit (149 million dollars) while losers outpaced gainers by 296 by 199.
Malaysia on Tuesday unveiled a stimulus package worth 16.2 billion dollars but warned the export-driven economy could still shrink by 1.0 percent this year despite the massive spending. "What was conspicuously missing was a reduction in either personal tax or corporate tax and this had a mildly negative impact on retail investors," a dealer told Dow Jones Newswires. Bumiputra-Commerce Holdings fell 2.4 percent to 6.05 ringgit.
Malayan Banking lost 1.8 percent to 4.34 on foreign-fund selling while Public Bank sank 2.7 percent to 7.30. Gaming and hotel firm Genting bucked the trend, adding 1.9 percent to 3.24. Automaker Proton Holdings rose 3.2 percent to 1.62 ringgit on hopes of higher sales following the governments move to provide a trade-in incentive.
Comments
Comments are closed.