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Malaysian shares fall after fuel hike

Wed Jun 4, 2008 9:10pm EDT

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KUALA LUMPUR, June 5 (Reuters) - Malaysian shares opened sharply lower on Thursday after the government raised fuel prices and announced a broad revamp of the country's energy price system.

The benchmark Kuala Lumpur Composite Index .KLSE fell as much as 1.5 percent in early trade to 1,234.04 points.

Shares of independent power producer (IPP) YTL Power (YTLP.KL) and top planters Sime Darby (SIME.KL) and IOI Corp (IOIB.KL) also fell after the government imposed a windfall tax on IPPs and palm oil millers as part of the overhaul.

YTL Power's shares were down 2.3 percent at 2.14 ringgit at 0104 GMT. Sime was down 2.8 percent at 8.85 ringgit and IOI fell 4.8 percent at 6.95 ringgit.

(Reporting by Soo Ai Peng; editing by Liau Y-Sing)



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