Malaysian Shares Maintain Winning Streak on US-Iran Peace Deal; LAC MED Shares Rally 13%

MT Newswires Live06-16

Malaysian shares extended gains to end in the green on Tuesday, mirroring regional performance. The investor sentiment remained upbeat after the US and Iran signed a peace deal, brokered by Pakistan, to reopen the Strait of Hormuz.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 18.6 points to end 1.1% higher at 1,709.99.

In corporate news, shares of LAC MED (KLSE:LACMED) jumped about 13% on close after its unit LAC Medical Supplies secured a letter of award worth 78.9 million ringgit for the supply and delivery of chemical pathology reagents to 10 Health Ministry hospitals in Kedah, Malaysia.

RNG Tech (KLSE:RESTNGO) is seeking to raise 16.4 million ringgit via an IPO on the ACE Market of Bursa Malaysia. The IPO comprises a public issue of 126.1 million new shares at 0.13 ringgit each, as well as an offer for sale of 78.8 million shares.

Shares of Hextar Technologies Solutions (KLSE:HEXTECH) slid over 2% on close after its unit mutually agreed with Widad Development (Nilai) to terminate discussions and cease all obligations relating to the proposed disposal of four parcels of industrial land in Negeri Sembilan, Malaysia.

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