KLCI down on losses in heavyweights

Published: 2009/05/27

MALAYSIAN shares closed lower as earlier buying sentiments fizzled out and losses in heavyweights pushed the Composite Index (CI) into negative territory, a dealer said.Heavyweights such as Tanjong, PPB Group, Top Glove and MISC-01 topped the losers list. Sime Darby and Maybank shares also took a dip.

The benchmark Kuala Lumpur Composite Index fell for a second day, losing 3.95 points, or 0.4 per cent, to close at 1,047.68. Forty-one stocks rose and 37 dropped on the 102-member measure. May index futures gained 0.6 percent to 1,048.50.

In the market, 1.4 billion shares changed hands, higher than the three-month daily average of 1.2 billion shares.Eastern & Oriental Bhd, a Malaysian property developer, tumbled 5.2 per cent to 81.5 sen, the largest decline since May 15, after the company reported a loss in the fourth quarter and it plans a rights offer.Genting Bhd, Asia’s biggest listed casino operator, fell 0.9 per cent to RM5.45, the biggest decline since May 14.

Shareholders of its Genting Singapore Plc unit sold 853.9 million shares at 72 Singapore cents apiece, a discount to yesterday’s closing price of 86.5 cents.IJM Corp, Malaysia’s third-biggest builder, climbed 1.8 per cent to RM5.80, the steepest advance since May 22, after saying it plans a two-for-five bonus issue and Credit Suisse Group AG said it may win new construction contracts.

Star Publications (Malaysia) Bhd slid 1.9 per cent to RM3.14, the most since May 7. The newspaper publisher said first-quarter profit dropped 57 per cent to RM18.3 million from a year earlier because of lower advertising revenue and higher operating expenses. Sales slid to RM181.3 million, it said in a statement.

Telekom Malaysia Bhd fell 1.4 per cent to RM2.78, after deducting a capital repayment of 98 sen per share from yesterday’s closing share price. Investors buying the shares from today won’t be entitled to the repayment. -- Agencies