Malaysian Shares Snap Winning Streak on Middle East Peace Concerns

MT Newswires Live
Jul 07

Malaysian shares ended in the red on Tuesday, snapping winning streak. Investor sentiment turned cautious amid regional losses, with Iran's response to US threats dampening expectations for a peace agreement.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 0.60 points to end 0.04% lower at 1,682.93.

In economic news, Malaysia's international reserves stood at $132.6 billion at end-June, according to data released by the central bank.

Foreign currency reserves were recorded at $117.2 billion, while the IMF reserve position stood at $1.3 billion. Special Drawing Rights (SDRs) were logged at $6 billion, while gold came in at $5.8 billion.

In corporate news, shares of Sarawak Plantation (KLSE:SWKPLNT) gained over 2% on Tuesday's close after it produced 33,026.29 metric tonnes of fresh fruit bunches in June. Crude palm oil output totaled 8,263.68 metric tonnes, while palm kernel production came in at 1,915.53 metric tonnes.

Whereas, shares of WCT (KLSE:WCT) slid over 1% on today's close after its 50:50 joint venture with UAE-based Construction General Contracting House secured a subcontract worth 836 million dirham, or about 926.2 million ringgit, for a residential development project in Abu Dhabi.

Meanwhile, UEM Edgenta (KLSE:EDGENTA) will be removed from the Official List of Bursa Malaysia Securities on July 10.

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