Malaysian Shares Suffer Fifth Consecutive Session Loss

by Warren Seah

Malaysian shares continued their downward spiral for the fifth consecutive session on Friday, with the benchmark FTSE Bursa Malaysia KLCI (FBMKLCI) experiencing a 0.1% decline to 1,441.97.

Declining Stocks

Energy company Petronas Dagangan (5681) saw the largest decline, dropping 1.8%, followed by telecommunication services company CELCOMDIGI (6947), which fell 1.7%. Meanwhile, shares of Maxis (6012), another telecommunication services company, witnessed a 1.3% decrease.

Market Leaders

Despite the overall negative trend, a few companies managed to emerge as market leaders during this session. YTL (4677), a distinguished firm, experienced an impressive increase of 9.7%. YTL Power International (6742) also saw a significant rise of 6.6%. Furthermore, Hap Seng Consolidated (3034), operating in the business/consumer services space, concluded the top three leaders on Friday with a 2.8% increase.

Southeast Asia Market Overview

In other parts of Southeast Asia, Singapore’s FTSE Straits Times Index saw a boost of 1.1%, while Thailand’s SET Index closed at a flat rate. The stock exchange in the Philippines remained closed for the day, and Indonesia’s JSX Composite Index experienced a modest increase of 0.4%.

Asia-Pacific Stock Market Movements

In Hong Kong, stocks took a hit as the Hang Seng Index experienced a 0.1% decline to 16,334.37. Japanese companies faced a similar fate, as the NIKKEI 225 Index dropped 1.7%. However, Chinese companies saw some gains, with the Shanghai Composite Index witnessing a 0.1% increase.

Meanwhile, the KOSPI Composite Index in South Korea boasted a solid 1.0% increase, and Australia’s S&P/ASX 200 Benchmark Index recorded a positive growth rate of 0.3%.

Currency Performance

On the currency front, the U.S. dollar fell 0.2% against the Malaysian ringgit, reaching 4.66 ringgit, while the euro also experienced a decline of 0.4%, amounting to 5.03 ringgit.

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