Malaysian Shares Extend Losses Amid Continued Selling; Shares of BCM Mall Slump Over 33%

MT Newswires ·  May 27 17:54

Malaysian shares opened the week in the red zone, extending Friday's losses amid selling pressure. The trade remained choppy as investors were cautious.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 1.13 points to end 0.07% lower at 1,618.27.

The index slightly higher but kept paring gains as the session progressed. The day ranged between 1,617.98 and 1,622.40.

In other news, foreign investors bought Malaysian securities worth 474.1 million ringgit in the week ended May 24, which was shortened by a holiday, according to the MIDF Research. Meanwhile, local institutions remained net sellers for the fourth straight month, and sold securities worth 192.5 million ringgit.

In economic news, Malaysia and China plans to ink several memoranda of understanding to boost trade and bilateral relations, as both countries celebrate the 50th anniversary of diplomacy, Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said.

In corporate news, shares of the manufacturer of laundry equipment and medical devices BCM Alliance (KLSE:BCMALL) plunged over 33%, and those of the software company Metronic Global (KLSE:MTRONIC) slumped 25% today.

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