Asia
Malaysian Shares Extend Gains on Hopes of US-Iran Diplomatic Progress; MN's Shares Rise 5%
Malaysian shares extended gains on Monday, as investors reacted to renewed optimism over a possible de-escalation in hostilities between the US and Iran, and the second phase of peace talks in Islamabad.The FTSE Bursa Malaysia KLCI gained 7.09 points to end 0.4% higher at 1,702.30. The day range was between 1,689.00 and 1,703.64.In economic news, Malaysia's total trade in goods rose 9.3% annually to 273 billion ringgit in March, driven by growth in both exports and imports, according to data released by the Department of Statistics Malaysia. Exports increased 8.3% year on year to 148.8 billion ringgit, while imports rose 10.4% to 124.2 billion ringgit. As a result, the trade surplus stood at 24.6 billion ringgit, slightly lower by 215.5 million ringgit compared with a year earlier.In local news, Malaysia's rubber glove industry is facing rising cost pressure as the US-Iran conflict drives up prices of oil-linked raw materials used in production, the Nikkei Asian Review reported. Major producers such as Top Glove (KLSE:TOPGLOV) and Hartalega (KLSE:HARTA) have been able to raise selling prices to offset higher input costs, while demand remains broadly stable.In corporate news, shares of MN (KLSE:MNHLDG) rose 5% on Monday's close after its unit MN Utilities Engineering accepted a purchase order worth 275.9 million ringgit for a data center infrastructure project in Malaysia.
FTSE Bursa Malaysia KLCIKLSE:HARTAKLSE:MNHLDGKLSE:TOPGLOV