Malaysian Stocks Hit Seven-Year High; MSB Global Shares Drop 5%

MT Newswires Live

Jan 27

Malaysian stocks ended higher on Tuesday, with the main index hitting its highest level in over seven years, restoring investor confidence in the country's growth outlook.

The FTSE Bursa Malaysia KLCI gained 27.18 points to end 1.6% higher at 1,771.25.

In corporate news, shares of KJTS Group (KLSE:KJTS) fell about 6% after its unit KJ Technical Services signed a collaboration deal with China Construction Yangtze River (Malaysia) to jointly pursue data center and infrastructure projects.

Shares of MSB Global (KLSE:MSB) dropped about 5% after its unit, MSB Machinery Corporation (Malaysia), signed a memorandum of understanding with China-based Zhejiang GSP&DC Energy Technology to jointly explore and develop the energy storage market in Malaysia.

Teamstar (KLSE:TEAMSTR) is looking to raise 34.3 million ringgit from its initial public offering on the ACE Market of Bursa Malaysia. The IPO entails a public issue of nearly 132 million shares at 0.26 ringgit each, as well as an offer for sale of 72 million shares.

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