Malaysian Shares Maintain Four-Day Losing Streak; Lagenda Properties Plunges 30%

MT Newswires ·  May 29 17:35

Malaysian shares extended losses finished lower for a fourth straight session to end in the red zone midweek as investors remained cautious.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 10.47 points to end 0.65% lower at 1,605.35.

The index opened slightly higher but kept paring gains as the session progressed. The day ranged between 1,605.35 and 1,614.71

In economic news, MIDF Research expects higher inflation for 2024 in Malaysia after the nation's producer price index inflation rose 1.9% annually in April, reflecting higher cost pressures for local businesses, said MIDF Research.

In corporate news, state-owned Petronas Chemicals' (KLSE:PCHEM) profit attributable to shareholders jumped to 668 million ringgit in the first quarter from 532 million ringgit a year earlier. Petronas Gas' (KLSE:PETGAS) profit attributable to the owners rose to 456.6 million ringgit in the first quarter from 424.2 million ringgit a year ago.

Shares of Lagenda Properties (KLSE:LAGENDA) slumped about 30% and those of the Malaysian travel agency Epicon (KLSE:EPICON) dropped over 21% on Wednesday's close.

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