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Bursa ends weaker on Heavy Selling

Posted on: March 6, 2009


Bernama – 1 hour 15 minutes ago

KUALA LUMPUR, March 6 (Bernama) — Share prices on Bursa Malaysia ended weaker in volatile trading today on heavy selling in big-capitalised stocks such as Maybank, Tenaga Nasional and TM International, dealers said.

The benchmark Kuala Lumpur Composite Index (KLCI) fell 11.02 points to close at 858.22. It had opened 5.61 points lower at 863.63.

The KLCI moved between 857.22 and 864.20 throughout the trading session.

Dealers said Maybank was the big loser after it announced the price of its rights shares at RM2.74 each for its planned RM6 billion rights offering.

The issue price marked a 43 percent discount to its closing price of RM4.82 on Thursday.

Maybank shares fell 28 sen or 5.80 percent to RM4.54 today.

The dealers said investors were less excited about the timing and size of the issue.

Finance counters also led the losses on expectations of more capital-raising exercises by banks.

The speculation pressure on bank stocks saw Bumiputra-Commerce fall 15 sen to RM6.05, Public Bank which dropped 15 sen to RM8.00 while Hong Leong Bank slipped 10 sen to RM5.20.

The Finance Index also plunged 159.60 points to 6,492.06.

The Industrial Index meanwhile declined 12.51 points to 2,058.28, the Plantation Index lost 15.03 points to 4,354.91, FBMEmas fell 77.58 points to 5,598.44 and the FBM30 dipped 89.68 points to 5,498.64.

The FBMMesdaq went down 76.84 points to 3,034.65 while the FBM2BRD was 8.65 points lower at 3,943.62.

Losers thumped gainers by 359 to 120 while 203 counters were unchanged, 562 untraded and 32 others suspended. Today’s turnover slipped to 282.249 million shares worth RM469.575 million from the 381.649 million shares valued at RM613.399 million recorded yesterday.

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