Malaysian Shares Snap Winning Streak Ahead of US Fed Meeting; XOX's Shares Plunge Over 33%

MT Newswires ·  May 21 17:23

Malaysian shares ended in losses on Tuesday, snapping the three-day winning streak ahead of the minutes from the US Federal Reserve's May policy meeting.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 5.41 points to end 0.33% lower at 1,622.09.

The index opened higher but kept paring gains as the session progressed over a cautious sentiment. The day ranged between 1,620.80 and 1,628.38.

In economic news, Malaysia's manufacturing industry operated at 80.8% capacity in the first quarter, marking an improvement from 79.8% capacity a year ago, according to the Department of Statistics Malaysia (DoSM).

Elsewhere, Kenanga Investment Bank reiterated its export growth forecast of 9.4% for Malaysia in 2024, hoping that export growth will gradually improve in the second half.

In corporate news, shares of the mobile virtual network operator XOX (KLSE:XOX) slumped over 33%, while those of the electronic products trader and renewable energy solutions provider Compugates Holdings (KLSE:COMPUGT) and Zen Tech International (KLSE:ZENTECH) both fell 25% on today's close.

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