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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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ONEOK Expands with US$5.9 Billion Acquisitions in Strategic Permian Basin and Other Regions

ONEOK, a US pipeline operator, announced two significant deals totaling US$5.9 billion to expand its presence in key oil and gas regions, including the Permian Basin, mid-continent, North Texas, and Louisiana. The deals, made with infrastructure investor GIP, will enhance ONEOK's strategic positioning amid a challenging natural gas market.

Key Takeaways:

  1. Strategic Acquisitions: ONEOK will acquire GIP's 43% stake in EnLink Midstream and full interest in its managing member for US$3.3 billion in cash, along with GIP's equity interests in Medallion Midstream for US$2.6 billion, reinforcing its presence in the Permian Basin and other vital regions.

  2. Financial Impact: These acquisitions are expected to immediately boost ONEOK's earnings and free cash flow, supporting the company's planned US$2 billion share repurchase program. Synergies between US$250 million and US$450 million are anticipated over the next three years.

  3. Financing and Future Outlook: ONEOK has secured up to US$6 billion in financing from JPMorgan Chase and Goldman Sachs, with the deals expected to close in the early fourth quarter. This expansion follows ONEOK's previous US$18.8 billion acquisition of Magellan Midstream Partners, further solidifying its market position despite challenges in the natural gas sector.

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