The Kuala Lumpur Composite Index slid 8.2, or 0.8 per cent, to close at 1,055.40, the first drop in four days.
Forty-three stocks rose and 42 fell on the 102-member gauge. June index futures slid 0.8 per cent to 1,053.50.
In the market, 1.8 billion shares changed hands, higher than the three-month daily average of 1.3 billion shares
After gains in recent days, the market succumbed to a bout of profit-taking today with the absence of large funds supporting the heavyweights,” a dealer said.
The dealer said the bourse was expected to trade in the 1,048-1,072 points range tomorrow.
Kinsteel Bhd led gains among steelmakers as prices of the metal climbed, buoying expectations of higher earnings this year.
Kinsteel added 1.1 per cent to 96 sen, the highest close since August 29. Lion Industries Bhd gained 2.3 per cent to RM1.35, and Ann Joo Resources Bhd rose 1 per cent to RM2.
Steel billet import prices from Southeast Asia have climbed 20 per cent while local steel bars have also rebounded to RM2,000
a ton from RM1,600, signaling a recovery in steel prices, Mak Hoy Ken, an analyst at AmResearch Sdn Bhd wrote in a report today.
AirAsia Bhd, Southeast Asia’s largest low-cost airline, fell 1.5 per cent to RM1.29, its lowest since May 28. The company said it’s not averse to raising funds from shareholders through a rights offer or a placement to so-called long-term investors if it needs more cash to fund growth.
The carrier is monitoring “recent developments in the equity and debt capital markets and shall deliberate the various recapitalization alternatives,” AirAsia said in a statement.
Genting Bhd dropped 1.8 per cent to RM5.60, the most since May 14. MGM Mirage, the casino company controlled by Kirk Kerkorian, said it isn’t seeking to sell its stake in its Macau venture with Pansy Ho, daughter of Macau gambling magnate Stanley Ho.
Genting, Asia’s biggest casino operator, which bought debt sold by MGM Mirage, last month declined to comment on a report by OSK Research Sdn Bhd that said Genting may acquire a stake in MGM Mirage’s Macau venture.
MMC Corp, a port operator and power producer, jumped 5 per cent to RM2, the highest close since October 30, after its port unit clinched an agreement to provide container-terminal services to CMA CGM SA, the world’s third-largest container shipping line.
The company’s stock rating was raised to “buy” from “trading buy” at OSK Research Sdn Bhd after the news. - AFP, Bloomberg