Malaysian Shares End in Green Despite Downbeat Job Data
Malaysian shares extended gains to end in the green on Thursday, amid a mixed regional performance. The investor sentiment was positive despite a higher-than-expected unemployment rate in the country.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 0.57 points to end 0.03% higher at 1,679.53. The day range was between 1,674.65 and 1,680.53.In economic news, Malaysia's unemployment rate rose by to 3% in April from 2.9% in March, the Department of Statistics Malaysia said. The figure exceeded the 2.9% forecast by Trading Economics.In local news, Malaysia is looking for alternative crude oil sources as the war in Iran fuels a global energy supply squeeze, Reuters reported Wednesday, citing the country's economy minister. Any new imports, however, must be compatible with the country's refinery systems.Malaysia's palm oil inventories rose 5.2% in May to 2.43 million tons from 2.31 million tons a month earlier, according to preliminary data released by the Malaysian Palm Oil Board.In corporate news, Malayan Banking (KLSE:MAYBANK) pushed back against a Bloomberg News report that some of its bankers were being questioned by Indonesian authorities in connection with a probe involving the Salim Group, saying it was not the subject of any investigation, Reuters reported. The lender's shares ended flat today.