Malaysian share prices closed 1.04 percent lower on Tuesday due to profit-taking in blue chips as investors declined to take any significant positions amid a lack of fresh leads, dealer said.
The Kuala Lumpur Composite Index shed 11.06 points to 1,057.23, off the day's low of 1,056.72 on volume of 1.04 billion shares valued at 1.54 billion ringgit (424 million dollars). Losers outnumbered gainers 682 to 194. "Selling pressure gained momentum in the late session on concerns that Wall Street could dip further," a local brokerage dealer said.
"It's like a chain reaction, investors jumped on the bandwagon when the market surged and now, when it falls, they seem to be selling briskly." Among blue chips, Genting dropped 0.75 ringgit to 28.50, Resorts World lost 0.50 to 13.00 and Bursa Malaysia eased 0.35 to 7.15. Lingkaran Trans Kota Holdings rose 0.10 to 3.00, on reports the government has approved toll hikes for five highways.