Wednesday, March 05, 2008

Rebound la macha

Malaysian shares ended lower Wednesday, dragged down by selling pressure from foreign funds who offloaded stock following recent market downgrades by several brokerages. The Kuala Lumpur Composite Index closed at a five-month low, dropping 33.79, or 2.6%, to 1280.23, after falling to 1277.69 during the day. Trading volume was moderate with 810 million shares changing hands. Decliners overwhelmed advancers 672 to 160. The shares were affected also by regional markets, which dropped on continuing concerns that the subprime crisis would trigger a recession in the U.S. and hit global economic growth. Foreign funds Wednesday continued to pare their holdings in large-cap index-linked heavyweights ahead of Malaysia's general elections Saturday. However, a technical rebound is expected tomorrow due to oversold position.


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