Malaysian Shares Book Seventh Day of Losses on Higher Oil, Diesel Prices; PUC Shares Rally 25%
Malaysian shares fell for a seventh straight session on Thursday, after the country hiked prices of unsubsidized oil and diesel.The FTSE Bursa Malaysia KLCI shed 9.33 points to end nearly 0.5% lower at 1,708.36. The day range was between 1,708.36 and 1,722.50.Malaysia increased retail fuel prices for unsubsidized petrol and diesel amid ongoing geopolitical tensions in West Asia. RON97 rose by 0.15 ringgit to 4.85 ringgit per liter, unsubsidized RON95 petrol increased by 0.20 ringgit to 4.07 ringgit per liter, while diesel in Peninsular Malaysia climbed 0.10 ringgit to 4.97 ringgit per liter.In corporate news, shares of PUC (KLSE:PUC) jumped 25% on Thursday's close after its unit G Universe said it will acquire a 100% stake in IT specialist GenieX Lab for 1 million ringgit in cash.Sunway Healthcare's (KLSE:SUNMED) first-quarter profit dropped to 33.3 million ringgit from 38.8 million ringgit a year earlier. The company attributed the slump to higher depreciation, finance costs, and IPO-related expenses weighing on earnings. Shares slid 1% on today's close.The Malaysian Anti-Corruption Commission's (MACC) two investigation papers on Sunway's (KLSE:SUNWAY) proposed acquisition of IJM (KLSE:IJM) remain active, after finding possible offences under anti-corruption and anti-money laundering laws involving two individuals, The Star reported.