Malaysian Shares Snap Three-Day Winning Streak; IJM's Shares Drop 3%

MT Newswires ·  Apr 9 17:37

Malaysian shares ended in the red territory on Tuesday, erasing gains from the previous three sessions, as the investors expedited selling ahead of Hari Raya holidays.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 6.47 points to end 0.41% lower at 1,553.51. The day ranged between 1,553.43 and 1,565.57.

Bursa Malaysia and its units will be closed on Wednesday and Thursday to observe the Hari Raya Aidilfitri holidays.

In economic news, Malaysia's labor market is expected to remain stable this year, with the average unemployment rate at 3.2%, the same as the year earlier, Kenanga Investment Bank said. The bank attributed the projection to a steady expansion in economic activities thanks to strong domestic demand.

In corporate news, shares of both the property developer Eco World Development Group (KLSE:ECOWLD) and the Malaysian conglomerate IJM (KLSE:IJM) dropped about 3% each today.

Conversely, shares of the gold jewelry and ornaments retailer Niche Capital Emas (KLSE:NICE) jumped over 7% on Tuesday's close.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment