Malaysian Shares End in Red Mirroring Broader Regional Sentiment; ECA Integrated Solution Rises 6%
Malaysian shares ended the week in the red zone, in line with a broader downbeat regional trend. The investors could not find positive cues as rising oil prices continue to burden the economy.The FTSE Bursa Malaysia KLCI shed 1.36 points to end 0.1% lower at 1,720.34 The day range was between 1,719.73 and 1,724.30.In economic news, Malaysia's Leading Index rose 0.5% annually in February to 113.1 points, from 112.5 points a year earlier, showing moderate economic growth, the Department of Statistics Malaysia (DOSM) said. The index measures future economic direction.Meanwhile, the Coincident Index, which reflects current economic conditions, rose 1.6% year on year to 129.4 points, although it fell 1.4% month on month.In local news, Malaysian Prime Minister Anwar Ibrahim has urged the private sector to adopt flexible work arrangements to cut costs and maintain productivity, The Star reported. Employers should move away from outdated practices and towards automation, as such measures could help reduce fuel consumption and ease cost pressures on businesses and workers, Ibrahim reportedly said.In corporate news, shares of ECA Integrated Solution (KLSE:ECA) jumped 6% on Friday's close after it shared plans to raise up to 9.8 million ringgit via a proposed a private placement of up to 10% of its existing shares. The company is also proposing an employee share option scheme (ESOS) covering up to 15% of its shares to retain and incentivise employees and directors.Whereas, shares of Petra Energy (KLSE:PENERGY) slid over 1% on close after its unit Petra Energy Development, secured a contract to provide field operations management services for the SK407 Production Sharing Contract offshore Sarawak.