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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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1MDB: 2013 & 2014 audited financial statements "not reliable"


1Malaysia Development Bhd (1MDB) has made a media statement, saying that its audited financial statements for 2013 and 2014 shouldn’t be relied on after U.S. prosecutors said more than $3.5 billion was misappropriated from the fund during a period that included those years.

 "Whilst the Board remains confident that no wrongdoing has been committed by 1MDB and that the past audited financial statements continue to show a true and fair view of the company’s affairs at the relevant points in time, the Board has decided that, as a precautionary measure, the 2013 and 2014 audited financial statements of 1MDB should no longer be relied on by any party, pending final and conclusive determination by a court of law of certain alleged facts, as described in the Complaint."


1MDB also said its auditor Deloitte LLP is resigning and the company is seeking a replacement, according to an e-mailed statement on Tuesday. 

 It didn’t give a reason for the departure but said that Deloitte, which notified 1MDB on February 26, 2016 of its decision, will continue to audit its key subsidiaries. It is also mentioned in the statement that Deloitte will remain as auditor on record until a new auditor is appointed. 

 1MDB is currently at the center of a scandal, involving the investigations of several countries including Singapore, Switzerland, Luxembourg and the US. At least four of these countries are looking into money flows from the investment vehicle, which was established for national development according to Bloomberg.

 The media statement was clear nonetheless, stating that the Board remains confident that no wrongdoing has been committed by 1MBD. 
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