Malaysian Shares Extend Losses to End in Red; George Kent (Malaysia) Shares Rally Over 10%

MT Newswires Live12-17

Malaysian shares extended losses from the previous session and closed in the negative territory on Tuesday, as investors could not find positive cues.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 9.52 points to end 0.59% lower at 1,597.33. The day range was between 1,594.51 and 1,606.81.

In corporate news, shares of George Kent (Malaysia) (KLSE:GKENT) jumped over 10% on close as it clinched a deal worth 45.5 million ringgit for the proposed construction, completion, testing and commissioning of suction tank, pump house, water reservoir, 11 kilovolts switching station unit and associated works in Selangor, Malaysia.

The Malaysian Investment Development Authority (MIDA) joined forces with DRB-Hicom (KLSE:DRBHCOM), and Zhejiang Geely to develop the Automotive Hi-Tech Valley in Perak, Malaysia. Shares of DRB-Hicom gained about 2% on close.

Shares of Mah Sing Group (KLSE:MAHSING) closed 1% higher on Tuesday after it completed the issuance of 250 million ringgit in secured, unrated Islamic medium-term bonds. The bonds were issued under the company's 2 billion ringgit debt program.

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The day range was between 1,594.51 and 1,606.81.</p><p>In corporate news, shares of George Kent (Malaysia) (KLSE:GKENT) jumped over 10% on close as it clinched a deal worth 45.5 million ringgit for the proposed construction, completion, testing and commissioning of suction tank, pump house, water reservoir, 11 kilovolts switching station unit and associated works in Selangor, Malaysia.</p><p>The Malaysian Investment Development Authority (MIDA) joined forces with DRB-Hicom (KLSE:DRBHCOM), and Zhejiang Geely to develop the Automotive Hi-Tech Valley in Perak, Malaysia. Shares of DRB-Hicom gained about 2% on close.</p><p>Shares of Mah Sing Group (KLSE:MAHSING) closed 1% higher on Tuesday after it completed the issuance of 250 million ringgit in secured, unrated Islamic medium-term bonds. 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