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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Stocks with momentum: Cepatwawasan Group Bhd

Cepatwawasan Group Bhd (-ve)

SHARES in Cepatwawasan Group Bhd (fundamental: 0.7/3, valuation: 2/3), which triggered our momentum algorithm yesterday for the second time this year, closed up two sen or 2.55% at 80.5 sen.
It saw 1.28 million shares traded, versus its 200-day average volume of 120,745.
The oil palm planter’s share price spiked recently, after it announced a 187% jump in net profit to RM10.4 million for the third quarter ended Sept 30, 2016 (3QFY16), from RM3.62 million a year earlier, on higher sales volume and better crude palm oil and palm kernel prices. Revenue rose 8% year-on-year to RM79.08 million.
Subsequently, its shares gained 9.5 sen or 14% to close at 78.5 sen on Oct 21, from 69 sen on Oct 20.
Cepatwawasan is trading at 0.52 times its net book value.

Source: http://www.theedgemarkets.com/my/article/stock-momentum-cepatwawasan-group
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