Malaysian Shares Extend Losses on Profit Taking; Shares of CN Asia Drop 6%

MT Newswires Live09-12

Malaysian shares extended losses from the previous session to stay in the negative territory on Thursday, as profit-taking emerged within banking heavyweights.

Losers outnumbered gainers.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 1.49 points to end 0.09% lower at 1,638.31. The day range was between 1,637.91 and 1,649.87.

In local news, S&P Global Ratings revised upward its industry risk score for Malaysian banks to 3 from 4 as part of its banking industry country risk assessment (BICRA) for Malaysia, noting that it does not see the government acting in a way that will impair the financial system.

In corporate news, shares of CN Asia (KLSE:CNASIA) dropped about 6% on Thursday's close after it set the issue price for its private placement of shares at 0.0780 ringgit apiece. The tank and pressure vessel manufacturer proposed a private placement of up to 10% of its total issued shares to independent third-party investors.

Malaysian shares of IHH Healthcare (SGX:Q0F, KLSE:IHH) slid over 1% after its unit Pantai Holdings established Sukuk Wakalah programs with a 15 billion ringgit limit.

Whereas, shares of AHB Holdings (KLSE:AHB) surged about 29% on close today after it agreed to sell its entire equity interest in unit AHB Technology for 1 ringgit in cash.

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