Asia
Bursa Malaysia Ends Lower as April Producer Price Inflation Spikes to 5.4%
Malaysian shares closed lower on Monday as April producer price data reinforced concerns over lingering inflation pressures.The FTSE Bursa Malaysia KLCI shed 4.17 points to end about 0.2% lower at 1,708.50. The day range was between 1,705.94 and 1,713.50.In economic news, Malaysia's Producer Price Index (PPI) rose 5.4% year on year in April, up from 1.1% in March, and marking the strongest increase since August 2022, the Department of Statistics Malaysia (DOSM) reported.Malaysia's Leading Index (LI) rose 0.5% year on year in March to 113.3 points, up from 112.7 points a year earlier, DOSM said. The increase was driven by expansion in three of seven components, led by a 32.3% jump in the number of housing units approved. Meanwhile, the Coincident Index (CI), which tracks current economic activity, rose 2% annually to 130.4 points. The growth was supported by higher real contributions to the Employees Provident Fund (EPF) and stronger retail trade volume.Malaysia's energy reserves will last through the end of July despite disruptions tied to the Iran conflict, Reuters reported, citing Economy Minister Akmal Nasir. However, Akmal warned that external pressures are mounting on trade flows, with freight costs to the Middle East jumping 50% to 80% and war-related insurance premiums also edging higher, according to the report.In corporate news, Malaysian state oil company Petroliam Nasional (PETRONAS) confirmed that an upstream industrial accident occurred at its Floating Storage and Offloading (FSO) Sepat facility off the coast of Terengganu on Monday, resulting in three fatalities and one injury.Shares of Eurospan (KLSE:EUROSP) gained over 2% on today's close after it said it has now complied with Bursa Malaysia's public shareholding spread requirement following a change in holdings by major shareholder EC Synergy (M). The company, which previously fell short of the required minimum threshold of 25%, said its public spread rose to 25.57% as of May 21 from 15.89%
FTSE Bursa Malaysia KLCIKLSE:EUROSP