Malaysian Shares Extend Losses on Higher Producer Prices
Malaysian shares closed lower on Tuesday, mirroring regional losses. The investor sentiment was downbeat after April producer prices rose 5.4%, reinforcing concerns over lingering inflation pressures.The FTSE Bursa Malaysia KLCI shed 9.48 points to end about 0.6% lower at 1,699.02. The day range was between ,696.14 and 1,707.52.In corporate news, Petroliam Nasional (PETRONAS) agreed to acquire Saudi Aramco's stakes in Pengerang Refining and Pengerang Petrochemical, collectively known as PRefChem. Subject to closing conditions, the deal will make the joint venture a wholly owned unit of PETRONAS.Shares of Oppstar (KLSE:OPPSTAR) rose about 6% on close after its unit, Oppstar Technology, executed an access token agreement with the Malaysian Investment Development Authority (MIDA). The agreement formalizes the company's access to ARM Limited's Flexible Access (AFA) Token - Entry Tier under a strategic government-linked cooperation program.Shares of Hextar Industries (KLSE:HEXIND) slid about 2% on Tuesday's close after it incurred a net loss of 6.4 million in the first quarter, reversing a profit of 2.1 million ringgit a year ago.
