Malaysia builders, steel firms lower

STEEL makers and select property stocks suffering further selling pressure after the government slashed development spending goal for 2010.

AMONG builders, Gamuda was down 0.3 per cent, WCT dipped 0.37 per cent and IJM, the country’s largest construction group by assets, fell 0.62 per cent.

Steel maker Ann Joo slid 2.65 per cent and Perwaja, the country’s largest steel firm by output, was unchanged after a weak opening.

Prime Minister Datuk Seri Najib Razak last week said development spending will be cut by 4.5 per cent next year as the government moves to contain ballooning budget deficit following this year’s big stimulus plans.

By Reuters