• Most Popular
  • Most Shared

RPT-Malaysian shares fall after fuel hike

Wed Jun 4, 2008 9:11pm EDT

Stocks

   

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)



More from Reuters

Photo

Fox, Time Warner Cable ink temp deal to avoid blackout

NEW YORK (Reuters) - Time Warner Cable and News Corp's Fox Networks agreed to a brief extension of their current carriage contract on Thursday to avoid a blackout that would have prevented 13 million U.S. homes from seeing TV shows like "The Simpsons" and college and NFL football games.

» More Top News
A customer is served at a counter inside a foreign exchange store displaying a poster of various banknotes including the Chinese yuan or renminbi (RMB) in Hong Kong November 20, 2009. REUTERS/Bobby Yip
OUTLOOK 2010:

Be careful what you wish for

Pressure on China to loosen its grip on the yuan will continue but the U.S. should tread carefully. Here are five world market issues to watch.  Full Article 

Global Markets
Clients work out on machines at the Bally Total Fitness facility in Arvada, Colorado June 15, 2009. REUTERS/Rick Wilking

Get real with resolutions

We make them and we break them: The secret to keeping them is to avoid the impossible dream.  Full Article 

Lifestyle