MALAYSIAN shares closed down 1.67 per cent today due to profit-taking in consumer, construction and finance related stocks, dealers said.
The Kuala Lumpur Composite Index shed 19.52 points at 1,169.05. Losers led gainers by 701 to 93.
An analyst said the market was in a correction mode after recent gains with the FBM KLCI reaching the 1,190-point level last week.
"The downtrend was due to heavy profit taking and there was no fresh catalyst to boost it.
"The market needs it but I don't think there will be any fresh catalyst in the near-term," said SJ Securities analyst Phua Kwee Hock.
He said the decline was also in line with the softer regional markets after the announcement of poor US consumer confidence data recently.
"The data failed to lift up the market, erasing hopes among investors on the world economic recession," he added.
At the close, the Finance Index went down 194.88 points to 9,455.31, the Plantation Index dipped 127.58 points to 5,939.38 and the Industrial Index decreased 33.22 points to 2,575.83.
The FBM Emas Index slipped 162.18 points to 7,899.08, the FBM Top 100 eased 141.40 points to 7,671.14 and the FBM ACE Index declined 89.83 points to 4,216.64. - AFP/Bernama
The Kuala Lumpur Composite Index shed 19.52 points at 1,169.05. Losers led gainers by 701 to 93.
An analyst said the market was in a correction mode after recent gains with the FBM KLCI reaching the 1,190-point level last week.
"The downtrend was due to heavy profit taking and there was no fresh catalyst to boost it.
"The market needs it but I don't think there will be any fresh catalyst in the near-term," said SJ Securities analyst Phua Kwee Hock.
He said the decline was also in line with the softer regional markets after the announcement of poor US consumer confidence data recently.
"The data failed to lift up the market, erasing hopes among investors on the world economic recession," he added.
At the close, the Finance Index went down 194.88 points to 9,455.31, the Plantation Index dipped 127.58 points to 5,939.38 and the Industrial Index decreased 33.22 points to 2,575.83.
The FBM Emas Index slipped 162.18 points to 7,899.08, the FBM Top 100 eased 141.40 points to 7,671.14 and the FBM ACE Index declined 89.83 points to 4,216.64. - AFP/Bernama
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