Malaysian shares down 1.29pc

MALAYSIAN shares closed down 1.29 per cent today due to profit-taking in selected blue-chips stemming from a lack of fresh leads, dealers said.

Dealers said mining and property stocks led the losers.

The Kuala Lumpur Composite Index lost 13.53 points to 1,045.97. Losers outnumbered gainers 602 to 146 and turnover was 1.24 billion shares valued at RM1.31 billion.

“The market lacked fresh drivers while profit-taking on both blue-chips and second liners pushed the market lower,” a dealer told Dow Jones Newswires.

The dealer said the bourse could trade between 1,037 and 1,070 points tomorrow.

Andrew Lee, Maybank Investment head of equities research, said the recent rally “had stretched valuations to levels unjustified by earnings growth” with corporate earnings recovery “likely to be anemic.”

Bumi-Commerce ended down 2.2 per cent at RM9.05, UEM Land fell 8.6 per cent to RM1.38, Sime Darby lost 2.1 per cent to RM6.85 and MAS shed 3.8 per cent to RM3.06.

But SP Setia added 1.6 per cent to RM3.90 while Telekom Malaysia rose 1.1 per cent to RM2.81. - AFP

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