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Malaysian Shares End Week in Red as Investors Remain Cautious; Sarawak Cable Shares Drop 9%

MT Newswires ·  Jun 14 17:36

Malaysian shares ended in losses on Friday as investors remained cautious amid mixed regional performance.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 2.85 points to end 0.18% lower at 1,607.32.

The index slightly opened higher but kept paring gains throughout the day to end in losses. The day range was between 1,604.48 and 1,611.90.

In economic news, Malaysia's Investment, Trade and Industry (Miti) Minister Tengku Zafrul Abdul Aziz said it expects the "timely" reopening of the Malaysia External Trade Development Corporation's (Matrade) trade office in Singapore to boost trade and investment between the two countries.

In corporate news, Hibiscus Petroleum (KLSE:HIBISCS) unit Simpor Hibiscus inked a conditional deal with TotalEnergies Holdings International for the proposed acquisition of TotalEnergies Brunei for $259.4 million.

TotalEnergies Brunei holds a 37.5% interest in the Block B Maharajalela Jamalulalam field, a "high-quality gas asset" located in offshore Brunei.

Shares of shares of the semiconductor equipment solution provider Sarawak Cable (KLSE:SCABLE) fell about 9% at closing, and those of Ivory Properties Group (KLSE:IVORY) dropped over 8% on Friday's close.

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