Malaysian Shares Close Marginally Higher; Sime Darby Property's Shares Rise Over 3%

Malaysian shares extended gains from the previous session to close marginally higher on Thursday, in contrast with other regional indices.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, added 0.27 points to end 0.02% higher at 1,633.81. The day range was between 1,627.93 and 1,634.24.

In economic news, Malaysia's total trade rose 8.7% to 237.8 billion ringgit in June, versus 218.8 billion ringgit in the previous year. Imports jumped 17.8% to 111.8 billion ringgit, while exports rose 1.7% to 126 billion ringgit. The trade balance recorded a surplus of 14.3 billion ringgit, plunging 50.8% annually from 29.1 billion.

Malaysia's Ministry of Investment, Trade and Industry (MITI) kept the investment growth projection at 5% for 2024, despite the domestic economic recovery environment.

In corporate news, shares of Sime Darby Property SIMEPROP rose over 3% after it agreed to buy the aforementioned property from PTT Synergy.

Meanwhile, shares of PTT Synergy PPTT dropped over 3% after it agreed to buy two parcels of land with semi-detached factories in Selangor, Malaysia, for about 22 million ringgit in cash.