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Malaysian Blue-Chip Index Drops Bucking Regional Gains; Theta Edge's Shares Drop 3%

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Malaysian shares extended losses to end in the red zone on Monday again, despite a positive performance of its peers.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 0.38 points to end 0.02% lower at 1,735.37.

Malaysia's palm oil inventories climbed to their highest level since February in July as production outpaced export demand, according to data from the Malaysian Palm Oil Board. Stockpiles rose 3.3% from June to 2.63 million metric tons, marking the fifth straight monthly increase.

In corporate news, shares of Theta Edge (KLSE:THETA) slid about 3% on close after its joint venture with Malaysian Resources announced plans to carry out a 3.03 billion turnkey contract for the Penang Mutiara Line light rail project.

Shares of Jaya Tiasa (KLSE:JTIASA) gained about 2% on Monday's close after it reported July production of 85,414 metric tonnes of fresh fruit bunches. Crude palm oil production reached 19,741 metric tonnes, while palm kernel production totaled 4,421 metric tonnes. In the timber segment, log production came in at 9,114 cubic metres during the month.

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Malaysian Blue-Chip Index Drops Bucking Regional Gains; Theta Edge's Shares Drop 3% | FINWIRES