Malaysian shares end lower Tuesday

bursa-malaysia_600KUALA LUMPUR: Malaysian shares ended lower Tuesday, as investors took profits after three consecutive sessions of gains.

The FTSE Bursa Malaysia declined 0.1 per cent to 1,671.71 points. The index had risen 1.5 per cent over the last three sessions, touching its highest level since April 29 on Monday.

The KLCI is down almost 4 per cent this year, according to a report in the Nikkei Asian Review.

The ringgit rose 0.2 per cent to 4.028 against the dollar.

Dealers said Tuesday’s pullback was also due to technical selling as the index hovers near important resistance levels.

“A decisive breakout above the 3-month high of 1,675 will spur KLCI higher towards the 1,684 and 1,700 targets and the ongoing rebound will be disrupted if the index retraces below the 1,667 levels,” the report quoted Sia Ket Ee, an analyst at Hong Leong Investment Bank, as saying.

An advance in global crude prices helped prop up regional sentiment Tuesday. The benchmark Brent crude oil contract rose 2.5 per cent Monday.

On the KLCI, 14 of the 30 constituents ended lower Tuesday, while six ended unchanged. Overall advancing issues outnumbered declining ones 405 to 360, said the Nikkei Asian Review report.

Foreign investors purchased RM206.2 million in Malaysian shares on Monday, according to Kenanga Research. Foreign inflows into the nation’s equity market this year now stand at almost RM1.5 billion.

DRB-Hicom jumped 5.2 per cent to RM1.22. The stock has risen almost 35 per cent in August so far, said the Nikkei Asian Review report.
KLCC Property Holdings advanced 0.5 per cent to RM7.70, while Sapura Kencana Petroleum rose 0.7 per cent to RM1.43, tracking gains in crude oil prices.

Sime Darby and YTL advanced 1.7 per cent to RM7.83 and 1.2 per cent to RM1.69 respectively.