Malaysian Shares Rebound on Upbeat Services Trade Data; Shares of Ramssol Rally 10%

MT Newswires Live06-26

Malaysian shares snapped the seven-day losing streak on Wednesday to end in the green zone, as the nation posted higher total services trade data.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 5.57 points to end 0.35% higher at 1,590.95.

The day range was between 1,581.76 and 1,593.42. The index opened in losses but kept adding gains to end the session in green territory.

In economic news, Malaysia's total services trade rose 27% annually to 433.2 billion ringgit in 2023 versus 341 billion ringgit, comprising 23.8% of gross domestic product (GDP) at current prices, the Department of Statistics Malaysia (DOSM) said.

Elsewhere, the country's foreign direct investment (FDI) net inflows dropped to 40.4 billion ringgit in 2023 from 75.4 billion ringgit in the previous year, the DoSM said.

In corporate news, shares of Ramssol Group (KLSE:RAMSSOL) rallied 10% on today's close after the Thai unit Rams Solutions agreed to buy a 51% stake in Bangkok-based Geekstart for 6.9 million ringgit.

Meanwhile, shares of the mobile virtual network operator XOX (KLSE:XOX) surged 50%, and those of the property developer Talam Transform (KLSE:TALAMT) rallied 25% on Wednesday's close.

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