Lower liners tumble after weeks of gains

PETALING JAYA: The Kuala Lumpur Composite Index (KLCI) closed much better than its regional peers yesterday, but that did not mask the big losses experienced by second and third liner stocks that had seen big gains over the past few weeks. 

A brutal bout of profit taking sent many penny stocks and speculative counters substantially lower, with losses of between 15% and 20% a common occurrence, while the KLCI closed only 0.15% lower compared with losses of more than 1% seen in most markets across Asia.