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Malaysian shares fall in quiet trade

Malaysian shares fall in quiet trade

Malaysian shares tumbled Tuesday in quiet trading but late buying by local funds helped trim earlier losses.
The Kuala Lumpur Composite Index of 100 blue chips fell 0.2 percent to 1,078.15 points, off a low of 1073.54.
Dealers said trade is expected to remain listless this week with the market seen trading within a narrow range of 1075-1085 points in the absence of any strong market leads.
Among blue chips, top bank Maybank shed 0.9 percent at 11.40 ringgit, power firm Tenaga also lost 0.9 percent at 11.20 and Telekom Malaysia dropped 1 percent at 9.75.
Steel stocks bucked the downtrend on expectation of firm steel prices after BHP Billiton, the world's largest mining company, and Baosteel Group Corp, China's largest steel maker, recently agreed to a 9.5 percent rise in iron ore price in 2007.
Choo Bee Metal gained 6 percent at 1.93 ringgit, Kinsteel rose 5.2 percent at 1.62, Ann Joo added 2.9 percent at 1.43 and Hiap Teck surged 3 percent at 1.36.


Updated : 2021-04-14 15:04 GMT+08:00