Malaysian Shares Records Sixth Day of Losses as Macro Tailwinds Fail to Lift Market Gloom
Malaysian shares fell for a sixth straight session on Wednesday, as investors remained downbeat despite positive trade data in April.The FTSE Bursa Malaysia KLCI shed 9.58 points to end nearly 0.6% lower at 1,717.69. The day range was between 1,716.47 and 1,727.50.In economic news, Malaysia's total trade rose 28.6% year-on-year to 336.7 billion ringgit in April, driven by strong growth in both exports and imports, according to data released by the Department of Statistics. Exports surged 36.9% to 182.7 billion ringgit, while imports climbed 20% to 154 billion ringgit. As a result, the trade surplus widened to 28.8 billion ringgit from 23.6 billion ringgit a year earlier.In corporate news, Bus Cap's initial public offering has been oversubscribed by 72.24 times. The IPO involves a public issue of 107.4 million new shares and an offer for sale of 19.2 million existing shares at an IPO price of 0.23 ringgit per share on Bursa Malaysia's ACE Market.Shares of Vizione (KLSE:VIZIONE) gained about 6% on today's close after its unit Bina Permai secured a 65.6 million ringgit contract for main building works of a residential apartment project in Kuala Lumpur, Malaysia.Whereas, shares of Maxis (KLSE:MAXIS) slid about 2% on Wednesday's close after its unit Maxis Broadband issued two tranches of Sukuk Murabahah, totaling 1 billion ringgit, under its existing 10 billion ringgit debt program.