Malaysian Shares Start Week in Red on Downbeat US Jobs Data; Binastra Shares Jump 5% on New Contract

Malaysian shares extended losses from the previous sessions to open the week in red as investors remained cautious after downbeat US labor data.

Losers outnumbered gainers.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 1.63 points to end 0.10% lower at 1,651.49. The day range was between 1,642.31 and 1,659.11.

In local news, foreign investors were net buyers of Bursa Malaysia equities for the fourth week running with a total net inflow of 798.3 million ringgit, said MIDF Research. Meanwhile, local institutions remained net sellers for the fourth straight week, totaling 960.5 million ringgit.

In corporate news, shares of Binastra (KLSE:BNASTRA) jumped about 5% today after its unit Binastra Builders clinched a deal worth 574.4 million ringgit from Exsim Jalil Link for the main building works for Phase two of a proposed data center in Kuala Lumpur.

Shares of Adventa (KLSE:ADVENTA) dropped about 2% on Monday's close after the company's external auditors Moore Stephens Associates resigned.

Shares of Gadang (KLSE:GADANG) dropped over 1% today after the company and its unit Usaha Pesona were sued by sub-contractor JF Foundation (M) over disputes related to bored piling works for the Rapid Transit System Link Project between Johor Bahru and Singapore. JF Foundation is seeking 9.77 million ringgit in compensation.