Malaysian Shares End Week in Red Ahead of Eid Holidays; Crescendo's Shares Drop Over 7%

MT Newswires Live03-28

Malaysian shares erased gains of the previous sessions to end in the red on Friday. Investors took profit ahead of the Eid holidays.

The benchmark FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 22.08 points to end 1.44% lower at 1,513.65. The day range was between 1,513.65 and 1,533.52.

In economic news, Malaysia's producer price index (PPI) edged up 0.3% year on year in February, easing from a 0.8% rise in the preceding month, the Department of Statistics Malaysia said. The PPI measures the average change in the prices charged by businesses in the manufacturing industry.

In corporate news, shares of Crescendo (KLSE:CRESNDO) dropped over 7% after it agreed to pay a second special single-tier dividend of 0.03 ringgit per share for the year ended Jan. 31.

Shares of K-One Technology (KLSE:K1) gained about 4% after its unit K-One Wellness signed a deal to distribute the product range of fertility and other healthcare test kits of UK-based CIGA Healthcare in Malaysia.

Shares of Nexgram (KLSE:NEXGRAM) surged over 33% after it agreed to buy 175 million shares in MMAG, representing 7.58% equity interest, for 70 million ringgit in cash. The deal will boost Nexgram's stake in the target company to 9.53% from 1.95%.

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