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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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Warren Buffett Reduces Bank of America Stake, Reaping $982 Million

Warren Buffett's Berkshire Hathaway Inc. has continued to reduce its stake in Bank of America Corp (BofA), selling an additional $982 million worth of shares. This latest round of sales, disclosed in a regulatory filing, occurred on August 23, 26, and 27, marking a significant pullback from the investment that has been a cornerstone of Berkshire's portfolio.

Key Takeaways:

  1. Significant Reduction in BofA Stake: Since mid-July, Berkshire Hathaway has reduced its stake in Bank of America by nearly 13%, generating approximately $5.4 billion in total proceeds. This marks one of Buffett's most substantial reductions in a major investment in recent years.

  2. Impact on BofA Stock: Prior to the selling spree, BofA's shares had risen 31% this year. However, the stock has since declined by 10%, closing at $39.67, as investors react to Buffett's sell-off.

  3. Berkshire’s Continued Holding: Despite the sales, Berkshire Hathaway remains the largest shareholder of Bank of America, holding 903.8 million shares valued at $35.9 billion. The ongoing reduction, however, indicates a shift in Buffett's confidence or strategy regarding the bank's future performance.

Buffett has not publicly disclosed the reasons behind the sales, leaving market observers to speculate on the motivations for reducing what has been a highly profitable and long-standing investment in one of the largest U.S. banks.

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