Malaysian share prices closed 0.77 percent lower Wednesday with investors sidelined in the absence of fresh leads, dealers said. Plantations stocks, which have been higher on hopes of increased usage of biodiesel fuel, were hardest hit in late trade by a fall in crude oil prices, they said.
The Kuala Lumpur Composite Index lost 7.45 points at 956.39 on volume of 415.84 million shares worth 780.33 million ringgit (213.85 million dollars. Losers led gainers 513 to 215, with 312 stocks unchanged. In the plantation stocks, IOI Corp, Malaysia's largest palm oil producer, fell 1.00 ringgit to 16.40, Kuala Lumpur Kepong lost 0.20 ringgit to 11.40 and PPB Oil Palms was down 0.10 at 7.95.
A local brokerage dealer said the fall in crude oil prices provided an excuse for profit-taking after recent rallies. Among blue chips Maybank lost 0.20 ringgit to 11.20, Tenaga lost 0.05 ringgit to 9.15 and Telekom Malaysia dropped 0.05 to 9.00.
Budget carrier AirAsia was sharply higher on news it had made a bid for the Kuala Lumpur-Singapore route. The stock rose 0.04 ringgit to 1.35, while national carrier Malaysia Airlines, which has long dominated the route with Singapore Airlines, fell 0.02 ringgit to 3.00. Genting fell sharply amid speculation that the gaming operator had made a bid for British casino operator Stanley Leisure PLC. The stock was down 0.70 ringgit at 24.80.