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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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CIMB Securities Downgrades Genetec Amid Concerns Over Delayed Orders and Earnings Outlook

CIMB Securities, one of the few research houses covering Genetec, issued a warning on Friday about a potential 30% decline in the company’s earnings for the fiscal year ending June 30, 2025 (FY2025). This projection stems from delays in securing new orders from a key automotive manufacturer that has adopted a more cautious approach to capacity expansion.

As a result, CIMB Securities downgraded Genetec's stock from 'buy' to 'hold' and significantly lowered its target price from RM3.70 to RM1.60. The firm cited concerns over Genetec’s business outlook, highlighting uncertainties ahead of the U.S. presidential election and a moderating growth outlook in the global electric vehicle (EV) market as key factors.

Market speculation points to Tesla’s order deferments as a significant reason for this downgrade. There are also concerns that Genetec’s upcoming quarterly results, expected by the end of this month, could fall below consensus estimates.

Genetec is largely owned by institutional investors, with the Employees Provident Fund holding the largest stake at 9.33%. Other significant institutional shareholders include Principal Global Investors LLC, Hong Leong Asset Management Bhd, and Norges Bank Investment Management. Notably, Genetec's co-founder Aaron Chen Khai Voon reduced his stake in the company by 2.25% between May and July, bringing his ownership down to 7.39%.

The cautious stance taken by CIMB Securities reflects broader market concerns, as Genetec's shares have experienced significant sell-offs, recently plunging to their lowest level since July 2021.

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