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.
Penang Chief Minister Chow Kon Yeow announced that Penang has seen a surge in inquiries from Chinese companies seeking investment opportunities over the past year, reflecting growing confidence in the region's economic potential and business-friendly environment.
Key Takeaways:
Investment Inquiries: There has been a significant increase in inquiries from Chinese companies interested in investing in Penang and Malaysia. However, many companies are cautious about moving their investments outside China due to capital outflow concerns.
APSSE Event Announcement: The announcement was made at a press conference for the upcoming 2024 Asia Pacific Semiconductor Summit and Expo (APSSE), scheduled to take place from October 16 to 18 at the Spice Convention Centre. The event is hosted by the Malaysia Semiconductor Industry Association (MSIA) in partnership with the China Electronic Production Equipment Industry Association (CEPEA) and supported by the Penang government.
MSIA President's Comments: Datuk Seri Wong Siew Hai, president of MSIA, noted that the surge in inquiries is likely due to Penang's existing robust ecosystem. He highlighted that many Chinese companies in technology sub-sectors, which are not currently present in Malaysia, could add significant value and strengthen Penang’s ecosystem.
Technology Sub-Sectors: The sub-sectors of interest include materials, interface, semiconductor, and insulation layers, which could fill gaps in the local supply chain. Chinese companies are exploring various forms of investment in Penang, including collaborations, co-investing, and outsourcing.
CEPEA's Decision: CEPEA branch secretary general Steven Huang mentioned that the decision to hold the APSSE in Penang was based on Malaysia’s significant presence in the electrical, electronics, and semiconductor industries. He expressed optimism about promoting friendship and mutual collaboration between China and Malaysia, as well as other Asia-Pacific countries.
Event Significance: The APSSE conference is expected to serve as a crucial platform for stakeholders in Penang and Malaysia, fostering collaborations and showcasing China's interests in the Asia-Pacific region. The event aims to broadcast China's presence and facilitate a spillover effect into the local ecosystem.
Penang's strategic efforts and robust infrastructure continue to attract interest from international investors, positioning it as a key hub for future growth and collaboration in the technology and semiconductor sectors.
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