Malaysian share prices closed flat on Tuesday in sluggish trade, with investors finding no fresh lead to break out of the current trading range, dealers said. They said most investors remained sidelined and were reluctant to take any big positions amid concerns about high oil prices and inflation.
The Kuala Lumpur Composite Index rose 0.18 points to 898.87 after hitting a high of 901.65 in early trade and volume was 344.83 million shares, worth 515.05 million ringgit (134 million dollars) while losers outnumbered gainers 346 to 311.
"The absence of any significant market leads discouraged firmer investor participation, while worries over sustained high crude oil prices dampened the market tone," a local brokerage dealer said.
The index is likely to retest the 900-point level Wednesday but the near-term outlook is for trading to remain in the tight range of 894-906 points, he said.
Among blue chips, Tenaga Nasional and Malayan Banking were both flat at 10.70 ringgit and 11.10, respectively, while Telekom Malaysia was down 0.10 at 10.20.