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Malaysian Blue-Chip Index Rebounds, Shrugging Off Regional Losses; Malakoff's Shares Drop 4%

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Malaysian shares ended in the green on Tuesday, bucking a downbeat regional performance due to rising oil prices and higher US yields.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 7.47 points to end 0.4% higher at 1,733.36.

In corporate news, Butterfield FB (KLSE:BFIELD) seeks to raise 72 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia. The coffee and tea extract powder blends manufacturer's IPO comprises a public issue of 150 million new shares at an issue price of 0.48 ringgit per share, as well as an offer for sale of 72 million existing shares.

Shares of Malakoff (KLSE:MALAKOF) slid 4% on close after its indirect unit Alam Flora Environmental Solutions has appointed MMC Engineering as contractor for the SAFE-T facility in Terengganu, Malaysia, for 26.9 million ringgit.

Meanwhile, shares of Puncak Niaga (KLSE:PUNCAK) gained about 3% on today's close after its unit, Puncak Niaga Management Services, agreed to sell two land parcels in Ijok in Kuala Selangor, Malaysia, to Alpha Galaxy for a total of 237.2 million ringgit.

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