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Malaysian Shares End in Green After Holiday on US-Iran Peace Deal Optimism; Top Glove's Shares Drop 3%

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Malaysian shares extended Tuesday's gains to end in the green on Thursday, mirroring regional performance. Investor sentiment remained upbeat following a holiday, supported by optimism over a reported US-Iran peace deal brokered by Pakistan.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 1.40 points to end 0.1% higher at 1,711.39.

BIMB Securities Research held its forecast of total industry volume (TIV) for the automotive industry in Malaysia at 740,000 units, The Star reported. TIV is expected to stabilize in the third quarter, followed by a stronger momentum in the fourth quarter, a BIMB Securities Research report showed.

In corporate news, Malaysian shares of dual-listed Top Glove (KLSE:TOPGLOV, SGX:BVA) dropped over 3% on close today even after it recorded a rise in attributable profit in the third fiscal quarter ended May 31 to 81 million ringgit from 34.7 million ringgit a year prior.

Digital transformation consultancy and artificial intelligence company SRKK AI (KLSE:SRKKAI) is seeking to raise 20.5 million ringgit via an IPO on the ACE Market of Bursa Malaysia. The IPO comprises a public issue of 64 million new shares at an issue price of 0.32 ringgit per share, as well as an offer for sale of 13 million existing shares by way of private placement to selected investors.

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