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Malaysian Shares Extend Three-Day Losing Streak; XOX Shares Slump Over 33%

MT Newswires ·  Jun 20 17:49

Malaysian shares ended in losses on Thursday for the fourth straight session, despite upbeat trade data.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 7.10 points to end 0.44% lower at 1,592.69.

The index slightly opened comparatively higher but kept paring gains throughout the day to end in losses. The day range was between 1,590.37 and 1,596.27. Losers outnumbered gainers.

In economic news, Malaysia's trade balance continued to be a surplus of 10.1 billion ringgit, albeit plunging 35.4% from 15.7 billion ringgit a year earlier, according to data released by the country's Department of Statistics.

Exports rose 7.3% year over year in May to 128.2 billion ringgit, exceeding the 0.4% growth estimate by economists. Imports, meanwhile, jumped 13.8% to 118.1 billion ringgit versus a year ago, above the 7.1% forecast, the department said.

In corporate news, shares of the mobile virtual network operator XOX (KLSE:XOX) dropped over 33%, while those of Zen Tech International (KLSE:ZENTECH) fell 25% on Monday's close.

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