Malaysian shares closed lower for the second consecutive day on Thursday, as profit-taking activities overshadowed positive economic news.
The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 3.53 points to end 0.22% lower at 1,601.22 at the close. The index started higher but lost momentum throughout the session, trading within a range of 1,599.29 and 1,607.38.
In economic news, Malaysia's central bank announced on Thursday that it held the overnight policy rate steady at 3%, in line with market expectations. Bank Negara Malaysia said the economy continues to expand because of resilient domestic demand and a positive turnaround in exports.
Elsewhere, Malaysia's services sector recorded total revenue of 594.5 billion ringgit in the first quarter, up 6.1% versus the year-ago period, according to data released by the country's statistics department on Thursday.
Meanwhile, the sales value of Malaysia's wholesale and retail trade rose 5% year over year to 145.7 billion ringgit in March, the country's statistics department said today.
In corporate news, shares of the industrial mold manufacturer MQ Technology (KLSE:MQTECH) slumped 25%, while those of the property investor Ingenieur Gudang (KLSE:INGENIEU) dropped about 13% on Thursday's close.