Malaysian Shares Mirror Regional Losses Amid Middle East Escalations; Alam Maritim Resources Slumps 12%
Malaysian shares erased Friday's gains to end in the red on Monday, in line with regional losses. The investor sentiment was downbeat following recent unrest in the Middle East.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 13.9 points to end 0.8% lower at 1,679.52. The day range was between 1,676.95 and 1,684.14.In corporate news, Liftech (KLSE:LIFTECH) is seeking to raise 23 million ringgit via an IPO on the ACE Market of Bursa Malaysia. The industrial lifting and handling equipment manufacturer's IPO entails a public issue of 79.2 million new shares at 0.29 ringgit each, and an offer for sale of 15.8 million shares.Shares of Alam Maritim Resources (KLSE:ALAM) fell about 12% on close after it received approval from Bursa Malaysia to be removed early from its Practice Note 17 (PN17) classification on June 8, following its regularization plan submissionShares of Malaysian conglomerate Keck Seng (Malaysia) (KLSE:KSENG) gained about 2% on Monday's close after it reported its May production figures, including fresh fruit bunches of 5,611.48 metric tonnes. Meanwhile, palm oil output stood at 4,258.76 metric tonnes, while palm kernel totaled 1,267.75 metric tonnes,