Malaysian share prices closed 0.45 percent lower on Friday, as concerns emerged over the impact of high oil prices on global economic growth, dealers said. They said world oil prices hovered after smashing through 90 US dollars a barrel amid tensions between Turkey and Kurdish rebels in Iraq.
The Kuala Lumpur Composite Index (KLCI) fell 6.15 points to 1,370.17 on volume of 1.372 billion shares worth 1.417 billion ringgit (422 billion dollars). Losers led gainers 600 to 269, with 239 stocks unchanged. At the close, the ringgit was quoted at 3.3600/3690 against the US dollar.
"The market is still doing OK. It is no surprise that our market closed lower as others in the region were also weaker," said Tee Sze Chiah, an investment analyst at Aseambankers. "We believe this is a healthy correction. We really need a break to hit record levels later."
Index heavyweights finished the day slightly higher, with Malaysia's largest bank, Maybank, up 10 sen to 11.50 ringgit and national power company Tenaga up 5 sen to 9.35 ringgit. Communications giant Telekom Malaysia was flat at 9.35 ringgit.