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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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Pekat Group Shares Hit One-Month High After Securing Data Centre Contract

Shares of Pekat Group Bhd (KL) surged to their highest level in over a month on Tuesday following the announcement of a new contract for earthing and lightning protection at a data centre. The stock rose by as much as 4.7% to RM1.01, its highest since July 17, 2024, before settling at 99.5 sen by 10:30 AM, giving the company a market capitalisation of RM642 million. Trading volume also exceeded the 200-day moving average, with over 3.36 million shares changing hands.

Key Highlights:

  • Contract Win: Pekat Group secured a RM21.78 million contract to install earthing and lightning protection systems for a data centre facility, believed to be related to the hyperscale data centre in Elmina Business Park.

  • Market Reaction: The stock's rise reflects investor confidence in Pekat’s ability to capitalize on the growing demand for data centres. Analysts, such as those at Apex Securities, view this contract as reinforcing Pekat’s strong track record and positioning it to benefit from the increasing trend in data centre construction. Apex Securities raised its target price to RM1.20 from RM1.14, maintaining a 'buy' recommendation.

  • Order Book: The latest contract win boosts Pekat's outstanding order book to approximately RM206.8 million, with more than half related to earthing and lightning protection projects. The remaining contracts involve the installation of solar panels. Pekat’s current projects are expected to contribute to earnings through 2025, with a significant portion of fast-track projects being executed and recognized this year.

  • Analyst Outlook: MIDF Amanah Investment Bank also expressed a positive outlook on Pekat’s latest contract win, highlighting the company's strategic focus on fast-paced earthing and lightning protection projects, particularly for industrial buildings like data centres. MIDF maintained its 'buy' rating on the stock with a target price of RM1.32, noting that Pekat’s order book could swell to RM320 million by the end of 2024 due to contracts under the Corporate Green Power Programme.

Pekat Group’s latest contract and strong order book position the company well to benefit from the ongoing renewable energy transition and the rapid growth of data centre investments in Malaysia.

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