Malaysian shares decline

07 May, 2004

Malaysian shares ended lower on Thursday, tracking a decline in regional markets, as concerns over a possible interest rate hike in the US and rising oil prices kept buyers out of the market.
The key Kuala Lumpur Composite Index failed to hold on to earlier gains, closing 0.46 percent down at 842.77 points on an overall weak volume of 314 million shares. Losers beat gainers two to one.
Weak regional markets compounded bearish sentiments as shares in Japan closed at a six-week low and stocks in South Korea sank three percent.
The release of US payrolls data on Friday will offer clues on when the Federal Reserve will raise rates while soaring oil prices is clouding economic outlook.
APB had taken over the listing status of debt-heavy NCK Corp Bhd, last traded at 24.5 cents on April 13.
Shares of top investment bank CIMB Bhd were down 5.4 percent to 5.30 ringgit despite announcing a 25 percent rise in quarterly profits.
The firm, a unit of second-biggest lender Commerce Asset-Holding Bhd, said on Wednesday its first quarter profit for the period ending March 31, was up at 62.84 million ringgit, boosted by fees from advisory work and income from its brooking unit.
Among index heavyweights, top lender Maybank was one percent down at 10.50 ringgit.
Shares of state-controlled power firm Tenaga Nasional was up 0.5 percent at 9.50 ringgit after two days of steep falls, sparked by employees' sale of stock options.

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