Malaysian share prices closed 0.27 percent lower on Tuesday following losses in regional markets, especially in Japan, dealers said. They said the losses could be signalling that the market is ripe for a consolidation after its recent gains.
The Kuala Lumpur Composite Index lost 3.28 points at 1,200.01, off an intraday high of 1,214 points. Volume was 1.74 billion shares, worth 2.21 billion ringgit (631.43 million dollars) while losers led winner 680 to 264, with 219 stocks unchanged. The ringgit was quoted at 3.5070/5090 to the dollar.
"Sentiment turned weak after regional markets went down, especially in Japan and Korea," said Cheah King Yoong, head of research at SJ Securities. He said the weak opening of European bourses further dampened sentiment and prompted investors to take profit.
"Once again, this shows that the market continues to be volatile and investor sentiment fragile," Cheah said. Among heavyweights, Tenaga lost 0.20 ringgit to 11.30, Maybank inched down 0.10 ringgit to 12.50 and Telekom Malaysia was steady at 10.0 ringgit.