Malaysian shares end lower Tuesday

bursa-malaysia-ringgit

KUALA LUMPUR: Malaysian shares ended lower Tuesday, with the benchmark FTSE Bursa Malaysia KLCI falling 0.6 per cent to 1,677.18 points, its lowest in nearly two weeks.

The index fell as much as 0.8 per cent during the day. Malaysian markets were closed Monday for Aidhiladha.

” The market is expected to remain choppy” ahead of another public holiday on Friday and the crucial two-day Federal Open Market Committee meeting, the Nikkei Asian Review (NAR) quoted Hong Leong Investment Bank analyst Sia Ket Ee as saying.

The NAR report said investors were cautious ahead of weekly US government oil inventory data due Wednesday and an upcoming meeting of top oil-producing countries.

The Organization of the Petroleum Exporting Countries is set to meet non-members in Algeria to discuss a joint effort to freeze production.

Also weighing in on the minds of investors is the outcome of a US Federal Reserve review policy meeting on Sept 20 and Sept 21.

On the KLCI, 21 of the 30 constituents fell and six gained, while overall decliners outnumbered advancers 637 to 206.

CIMB Group Holdings fell 3.3 per cent to RM4.74 along with most finance stocks in the country amid lingering concerns over decelerating loan growth and narrowing lending margins, said the NAR report.

PPB Group, an agribusiness-to-property conglomerate reportedly seeking a buyer for its cinema arm, fell 1.0 per cent to RM16.04. The company is seeking to sell Golden Screen Cinemas.

Among the few gainers, Hong Leong Financial Group rose 1.4 per cent to RM15.92, while mobile operator DiGi.Com climbed 0.4 per cent to RM5.10.

Meanwhile, the Malaysian ringgit reversed early losses to rise 0.4 per cent to 4.108 against the dollar.