Malaysian Shares End Lower On Extended Consolidation

KUALA LUMPUR, June 8 (Bernama) – Malaysian share prices on Bursa Malaysia closed lower Thursday on extended consolidation amid mild profit-taking and lack of participation from regular institutional and retail investors, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at 1,785.57, down 0.35 of-a-point, from Wednesday's close of 1,785.92. The key index opened 1.17 points lower at 1,784.75 and moved within a tight range of between 1,789.02 and 1,783.13 throughout the day. Market breadth ended negative with decliners outpacing gainers 459 to 419 while 389 counters were unchanged, 513 untraded and 23 others were suspended. Volume declined to 1.97 billion units, valued at RM2.17 billion, from the 2.36 billion units, valued at RM2.36 billion, transacted on Wednesday. Among heavyweights, Maybank and Sime Darby advanced two sen each to RM9.57 and RM9.59, respectively, TNB erased two sen to RM14.18 while Public Bank bagged 16 sen to RM20.32. Meanwhile, laggards among the index components were banking stocks Hong Leong Bank, which shed 18 sen to RM15.22, CIMB slipped four sen to RM6.67 and RHB Bank eased nine sen to RM5.12. An equity dealer said traders remained on the sidelines, awaiting fresh leads, with the turmoil at Felda Global Ventures Holdings Bhd (FGV) curbing investors' risk appetite. "Investors adopted a cautious stance while awaiting developments from the probe at FGV, the world's third-largest palm oil company, and ahead of a barrage of external events due this week. “Market uncertainty and the shorter trading next week also prompted some investors to remain on the sidelines," he added. Actively traded stocks included AT Systematization and Frontken which were flat at 4.5 sen and 31.5 sen, respectively, Anzo eased one sen to 25 sen while Dolphin, AirAsia X, Hiap Teck and Iris inched up half-a-sen to 23 sen, 42 sen, 33 sen and 15.5 sen, respectively. Hartalega led the top gainers, adding 53 sen to RM7.00 while the top loser was United Plantations which fell 44 sen to RM28.00. -- BERNAMA