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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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Gamuda JV Secures A$1.6 Billion Train Signalling Upgrade Contract in Australia

Gamuda Bhd (KL) announced on Thursday that its joint venture (JV) with French rail engineer Alstom SA has secured a contract worth A$1.6 billion (RM5 billion) in Australia.

Key Details:

  • Scope of Work: The contract includes the design, supply, installation, testing, commissioning, and maintenance of a new automatic train control system to replace the existing signalling and train control systems on Perth’s suburban rail networks.

  • JV Stake: Gamuda holds a 46% stake in the JV, while Alstom holds the remaining 54%.

  • Project Award: The Metronet High-Capacity Signalling Project was awarded by the Public Transport Authority of Western Australia to an alliance comprising Gamuda's wholly owned subsidiary in Australia, DT Infrastructure Pty Ltd, and Alstom Transport Australia Pty Ltd.

  • Revenue Projection: Gamuda expects to earn up to A$737 million from the project, which will span over 10 years.

  • Implementation: The upgrades will be delivered in multiple line-by-line stages to minimize disruption to train operators.

  • Project Impact: The Metronet High-Capacity Signalling Project aims to modernize Perth’s train signalling system, boosting network capacity by 40%, enhancing energy efficiency, ensuring cybersecurity, and future-proofing the system for growth, all with minimal disruption to commuters. It is expected to deliver significant long-term socio-economic benefits to the community.

  • Alstom's Role: Alstom Transport is renowned for its innovations in rail solutions, including high-speed trains, metros, trams, and signalling systems.

  • Gamuda's Experience: Gamuda has been operating in Australia for more than 100 years, contributing to significant rail projects such as the Sydney Metro, Melbourne’s High Capacity Metro Trains, Queensland’s New Generation Rollingstock, and Adelaide's Electrification and Rolling Stock.

  • Market Performance: As of Thursday's noon market break, Gamuda shares were up 13 sen or 1.58% at RM8.38, with a market capitalization of RM23.24 billion and 7.99 million shares traded.

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