Malaysian shares down

26 Jun, 2004

Malaysian shares closed lower on Friday, led by blue chips like top lender Maybank, as investors booked profits after the market's two-day rise.
Investor caution also ruled ahead of next week's US Federal Reserve meeting, where the central bank is widely expected to raise interest rates by one-quarter of a percentage point.
The benchmark Kuala Lumpur Composite Index ended down 0.31 percent at 824.23, after trading within a tight four-point range.
For the week, it was up 0.3 percent. Overall market volume was a light 231 million shares worth 464 million ringgit ($122 million). Losing stocks beat gainers 361 to 294. "Investors are using the upturned to sell.
I don't see any strong movement above 830 points," said Heady Humaizi Hussain, a technical analyst with Mayan Securities.
The key index had risen about one percent in the past two days, partly due to expectations the government may spend more to boost the economy.
Malaysia said after the market closed on Thursday it would raise spending on a five-year development plan that ends next year, by 10 billion ringgit.

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