FINWIRES · TerminalLIVE
FINWIRES

Malaysian Blue-Chip Index Ends in Red; Pestech International Drops 9%

By

Malaysian shares closed slightly lower on Thursday, with the FTSE Bursa Malaysia KLCI down 0.3% at 1,674.74, as investors weighed the US Federal Reserve's first interest-rate hike since 2023 and its implications for global financial conditions.

Malaysia's average annual economic growth is expected to be around 4.3% from 2026 to 2035, due to a pro-growth stance and fiscal discipline.

Malaysia's economic growth has been driven by improvements made in pro-investment posture, governance and infrastructure, including ports and power connectivity, according to the latest Southeast Asia Outlook report published Wednesday by DBS Group, Bain & Co., and Vriens & Partners.

In corporate news, shares of Pestech International (KLSE:PESTECH) dropped 9% on close today after it was granted an ad interim injunction by the Kuala Lumpur High Court, which restrains Shandong Power Equipment from enforcing and undated corporate guarantee.

Bintulu Port's (KLSE:BIPORT) subsidiary, Bintulu Port was approved as a port operator for Bintulu Port for 30 years by the Bintulu Port Authority (Sarawak). Shares slid marginally.

What else is happening in Asia?

Asia

Market Chatter: China Airlines Plans Codeshare Partnership with Britain's Virgin Atlantic

China Airlines (TPE:2610) plans to launch codeshare partnership with Britain's Virgin Atlantic Airways, according to a Focus Taiwan report on Wednesday, quoting the airlines' president Kevin Chen.Initially, China Airlines, and Virgin Atlantic will share flight codes on each other's services and will subsequently tap into complementary route networks to faciliate better flight services between Taiwan and the UK, Chen said.China Airlines' sahares were up over 1% in Thursday's trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TPE:2610
Asia

China Petrochemical Unit Wins Court Ruling Revoking Land Seizure

China Petrochemical Development (TPE:1314) unit Core Pacific Development won a ruling from the Taiwan High Court, that revoked a criminal seizure order on a plot of land in Taipei, Taiwan.The land had been subject to four seizure rulings issued by the Taipei District Court at the request of the Taipei District Prosecutors Office.The company said the matter has no financial or business impact.

TPE:1314
Asia

Lotus Pharmaceutical's Unit to Reduce Capital by $70 Million

Lotus Pharmaceutical's (TPE:1795) subsidiary, Lotus International, will reduce its capital by $70 million, according to a Wednesday filing with the Taiwan Exchange.The reduction involves the cancellation of 70 million shares as part of the group's capital utilization plan.Following the reduction, Lotus International's share capital will stand at $16.1 million.

TPE:1795