Malaysian Blue-Chip Index Extends Gains Tracking Regional Rally; PRG Rallies 10%
Malaysian shares closed slightly higher Tuesday, extending yesterday's gains and tracking upbeat regional performance. The FTSE Bursa Malaysia KLCI rose 1% or 16.56 points to close at 1,683.50.Malaysia's crude palm oil prices are expected to stay above 4,700 ringgit per metric ton in October, and for the remainder of the year, supported by weather uncertainties and favourable energy markets, the Malaysian Palm Oil Council said Tuesday.In corporate news, shares of PRG (KLSE:PRG) jumped 10% on close after it said the High Court has set out directions for proceedings after shareholders filed a notice to intervene in its judicial management order application.TDM's (KLSE:TDM) shares gained over 2% on close after it reported an increase in its plantation production in August, with total fresh fruit bunches (FFB) output reaching 46,031.4 metric tonnes from 31,930.6 metric tonnes produced a year ago. FFB production comprised 35,806 tonnes from internal sources and 10,225.4 tonnes from external supply.Whereas, shares of Focus Lumber (KLSE:FLBHD) fell about 7% on close after it delayed plans to start operations for harvesting activities and nursery works, under the industrial tree planting agreement with Rakyat Berjaya, to the first quarter of 2027.
