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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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Key Corporate Updaets from Malaysia

 

IOI Properties Acquires Tropicana Gardens Mall

  • IOI Properties Group Bhd (KL): Acquired Tropicana Gardens Mall in Petaling Jaya from Tropicana Corp Bhd (KL) for RM680 million in cash.
  • Impact: This acquisition is expected to provide strong recurring income by leveraging IOI’s successful mall model. Tropicana’s divestment will help reduce debt and improve cash flow.

YTL Cement Expands IBS Business

  • YTL Cement Bhd: Plans to buy an 81.34% stake in Singapore-listed NSL Ltd for RM792.32 million in cash.
  • Impact: This acquisition will expand YTL Cement’s industrialized building systems (IBS) business, adding significant value to its portfolio.

Axis REIT Reports Higher Income

  • Axis Real Estate Investment Trust (KL): Reported a 12.86% increase in net property income (NPI) to RM65.95 million for Q2 2024.
  • Dividend: Declared a second interim income distribution of 2.25 sen per unit, payable on Aug 30.

GHL Systems Trading Suspension

  • GHL Systems Bhd (KL): Trading of shares will be suspended next week following NTT Data Japan Corp’s acquisition of 98.8% of GHL’s shares.
  • Impact: GHL will be delisted from the Main Market of Bursa Securities.

Uzma Secures Thai Contract

  • Uzma Bhd (KL): Thai unit secured a RM19 million contract from PTTEP Energy Development Company Ltd to provide infill well preparation services for offshore platforms.
  • Duration: The contract is valid until July 15, 2025.

Advancecon Wins Mining Services Job

  • Advancecon Holdings Bhd (KL): 51% subsidiary Spring Energy Sdn Bhd signed a mining services agreement with Imerys Minerals Malaysia Sdn Bhd.
  • Scope: Includes quarry development, drilling, blasting, and environmental protection measures at Gunung Terundum, Johor.

T7 Global Receives Petronas Contract

  • T7 Global Bhd (KL): Received a letter of award from Petronas Carigali Sdn Bhd to provide a low-cost jack-up drilling rig for the Plug and Abandonment programme.
  • Details: Contract price was not disclosed.

Varia Bags RM555 Million Subcontract

  • Varia Bhd (KL): Secured a construction subcontract worth RM555 million to build a sewage treatment plant in Penang.
  • Duration: The contract is for 57 months, expected to complete by March 24, 2029.

Well Chip Group’s Strong Market Debut

  • Well Chip Group Bhd (KL): Closed its first day on the Main Market with a 50% gain, raising RM172.5 million from its IPO.
  • Stock Performance: Opened at RM1.65, peaked at RM1.75, and closed at RM1.72, valuing the company at RM1.03 billion.

Key Takeaways for Investors

  1. Strategic Acquisitions: Companies like IOI Properties and YTL Cement are expanding through strategic acquisitions, enhancing their growth potential.
  2. Strong Financial Results: Axis REIT’s increased NPI and dividend declaration reflect strong financial health.
  3. Market Movements: The trading suspension of GHL Systems and the strong market debut of Well Chip Group indicate significant market shifts.
  4. New Contracts: Companies like Uzma, Advancecon, and T7 Global securing new contracts signal ongoing business growth and opportunities.
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