KL shares end sharply lower

Share prices on Bursa Malaysia closed lower on profit-taking, dampened by banking stocks amid weaker sentiments in the regional markets, dealers said.

The benchmark FTSE Bursa Malaysia KLCI declined 7.36 points to close at 1,599.27 after fluctuating between 1,597.8 and 1,609.16 throughout the day.

A dealer said investors remained cautious due to the disappointed economic news from Europe and the United States.

"The deficit situation in Spain is a growing concern as public debt is expected to reach 78.9 per cent of the gross domestic product in 2012," he said.

An analyst said most regional stock markets took a beating today on diminished hopes for further US credit easing.

"Japan's benchmark Nikkei 225 index closed 2.29 per cent weaker after minutes of the March 13 Federal Open Market Committee meeting proposed that the US central bank was in no hurry to come with new ideas to boost economic growth.

"The impact may last a long time," he said.

The Finance Index slumped 97.1 points to 14,355.43, Plantation Index fell 26.66 points to 8,755.41 and the Industrial Index eased 3.21 points to 2,887.55.

The FBM Emas Index erased 47.78 points to 10,960.58, FBM 70 Index slid 44.38 points to 12,049.94 and the FBM Ace Index lost 30.01 points to 4,491.33.

Decliners led advancers 501 to 235 while 346 counters remained unchanged, 439 were untraded and 26 others suspended.

Turnover was lower at 1.195 billion shares worth RM1.1 billion from the 1.25 billion shares worth RM1.36 billion yesterday.

Of the actives, Ingenuity eased half-a-sen to 9.5 sen, Metronic Global fell 10 sen to 15 sen and Carotech was flat at 2.5 sen.

Among heavyweights, Maybank shed seven sen to RM8.88, CIMB lost nine sen to RM7.72, Petronas Chemicals slid one sen to RM6.72 but Sime Darby was one sen higher at RM9.88. -- Bernama