Malaysian Shares End Week in Green on Upbeat Trade Data
Malaysian shares ended the week flat but in green, amid a mixed regional performance. Investor sentiment remained upbeat due to upbeat trade data, as well as optimism over a reported US-Iran peace deal brokered by Pakistan.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 0.64 points to end 0.04% higher at 1,712.03.In economic news, Malaysia's trade surplus expanded to 40.4 billion ringgit in May, according to data from the Department of Statistics Malaysia. The surplus jumped from 28.8 billion ringgit in the previous month, beating the consensus estimate of 23.2 billion ringgit tracked by Investing.com.Total exports surged 45.3% year over year to a record 184 billion ringgit, compared with a 16.4% increase in April. On a monthly basis, exports edged up 0.4%. Imports rose 14.1% to 143.6 billion ringgit, following a 20% increase in April. Compared with the previous month, imports declined 6.8%Meanwhile, Malaysia's headline consumer price index (CPI) rose 2% year over year in May, according to data from the Department of Statistics. The reading was below the consensus forecast of 2.1% growth tracked by Investing.com, and compared with a 1.9% expansion recorded in the previous month.In corporate news, Liftech's (KLSE:LIFTECH) said its initial public offering drew strong demand from retail investors ahead of its ACE Market listing, as it was oversubscribed by 18.9 times. The company received 5,636 applications for 314.7 million shares worth 91.3 million ringgit, compared with 15.8 million shares allocated to the Malaysian public.V.S. Industry (KLSE:VS) incurred a loss attributable to owners of 32.9 million ringgit in the fiscal third quarter ended April 30, reversing a profit of 23.8 million ringgit a year ago.
