SPONGEBOB

Malaysian shares ended lower Wednesday, in line with declines on regional markets, triggered by rising concerns over the subprime market and the rising risk of a possible recession in U.S. The ringgit's decline against the dollar further damped equities, pushing some foreign funds to unwind positions. The pair ended at 3.2580 from 3.2575 Tuesday. The weighted Composite Index of 100 blue chip stocks fell 3.5%, or 52.05 points, to 1453.66 after briefly dipping below the psychological support of 1450. Volume was moderate with 1.02 billion shares changing hands. Decliners trounced gainers, 752 to 95. Both foreign and local funds were net sellers in today's market, taking their cue from the sharp falls in regional markets. Sectors which led the KLCI to a fresh record high of 1524 were the worst hit, particularly large fall in plantation, banking and construction stocks. The KLCI may stay above the psychological support of 1450, but investors will continue to look to the U.S market for cues.

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