Malaysian Shares End in Red for Third Consecutive Session; Johan's Shares Rally 25%
Malaysian shares ended in the red on Wednesday, extending losses of the past two sessions as investors could not find positive cues.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 9 points to end 0.5% lower at 1,711.37.In local news, The Malaysian Automotive Association (MAA) raised its full-year total industry volume (TIV) forecast to 800,000 units from 790,000 units, citing sustained demand for SUVs and electrified vehicles, New Strait Times reported. The association also attributed the growth to improved policy certainty following the extension of the New Customised Incentive Mechanism (NCIM) timeline.In corporate news, shares of Johan (KLSE:JOHAN) jumped 25% on Wednesday's close after its unit Diners Club (Malaysia) agreed to acquire the remaining 20% stake in Lumut Park Resort from Syarikat Majuperak for 3.3 million ringgit in cash.Meanwhile, shares of Ahmad Zaki Resources (KLSE:AZRB) dropped about 5% on Wednesday's close after its unit Ahmad Zaki was served with a winding-up petition by Tycotech Aluminium, over an alleged outstanding payment of 890,000 ringgit.Shares of Paragon Union (KLSE:PARAGON) slid over 3% on close after its sale of its 100% equity interest in Paragon Car Carpets & Components became unconditional after all conditions precedent were fulfilled. The stake, valued at about 13.4 million ringgit, will be sold to Oceancash Pacific (KLSE:OCNCASH).
