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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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BP Raises Dividend as US$2.8 Billion Quarterly Profit Beats Forecasts

 

BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast-beating second-quarter profit of US$2.76 billion (RM12.75 billion). This profit was bolstered by stronger oil prices and retail performance, despite weak refining.

The results are expected to ease pressure on CEO Murray Auchincloss, who has been focusing on the most profitable operations, primarily in oil and gas, since taking office in January. This marks a shift from former CEO Bernard Looney’s strategy of expanding renewables and reducing fossil fuel output. BP has greenlit the development of the Kaskida oilfield in the US Gulf of Mexico and a low-carbon hydrogen project at its Castellon refinery in Spain.

Key Takeaways:

  • Dividend Increase: BP raised its dividend by 10% to eight cents per share, in line with analysts' expectations.
  • Share Buyback: The company maintained its share buyback programme at US$1.75 billion for the next three months and committed to buying a total of US$14 billion of shares this year and next.
  • Profit Details: BP reported a second-quarter profit of US$2.76 billion, surpassing the forecast of US$2.54 billion. This compares to a US$2.7 billion profit in the previous quarter and US$2.6 billion a year earlier.
  • Weak Refining: Weaker refining margins due to lower diesel demand and higher refinery maintenance were offset by higher oil and gas prices and a lower than expected tax rate.
  • Stock Performance: BP shares rose 1.85%, outperforming the broader European energy index.
  • Cost Reduction: BP is working to exceed its target of reducing annual costs by US$2 billion by the end of 2026.

CEO Auchincloss emphasized the company's focus on reducing costs and building momentum towards its 2025 targets. Despite weak refining margins, global demand for gasoline and diesel is expected to support refining margins during the summer driving season.

BP will maintain capital expenditure at US$16 billion per year in 2024 and 2025.

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