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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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Chinese Battery Maker Zhuhai CosMX to Invest RM1 Billion in Kedah Plant

Zhuhai CosMX Battery Co Ltd, a Chinese manufacturer of lithium-ion batteries, is set to invest RM1 billion to establish a manufacturing plant in Kedah, Malaysia. The new facility will be built in phases at the Kulim East Industrial Park, with construction expected to start in the fourth quarter of 2024. This investment is projected to create over 1,000 jobs.

Key Details:

  1. Investment and Job Creation: The plant represents a significant RM1 billion investment in Kedah, with the potential to create over 1,000 jobs, according to the Malaysian Investment Development Authority (Mida). This development is expected to enhance Malaysia's local ecosystem by introducing cutting-edge battery technology.

  2. Expansion of CosMX's Global Presence: CosMX manufactures lithium-ion batteries for a range of devices, including laptops, drones, and electric vehicles, and provides industrial energy storage systems. The Kedah plant will be a strategic addition to the company's global production bases in Zhuhai, Chongqing, Zhejiang, and India. The company's chairman, Xu Yanming, emphasized that the new factory aims to be a model for economic success and sustainable development.

  3. Boost to Malaysia's Investment Appeal: Malaysia’s Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, highlighted that CosMX's decision to invest in Malaysia reinforces the country’s status as a preferred destination for tech-based companies. He attributed this to Malaysia's proactive efforts in creating a favorable business environment, leading to increased investment flows, more high-skilled jobs, and a stronger electrical and electronics supply chain.

This investment by Zhuhai CosMX marks a significant step in advancing Malaysia’s position in the global technology and sustainable development landscape.

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