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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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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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