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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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Evergrande Chairman Hui Ka Yan Detained in Special Shenzhen Centre Amid Ongoing Property Sector Crisis

The chairman of China Evergrande Group, has been moved to a special detention center in Shenzhen, according to two sources familiar with the matter. Hui, 65, has not been seen publicly since Chinese authorities took him into custody a year ago, and his current status had not been reported until now.

Hui was fined $6.6 million (RM28.41 million) in March and barred for life from the securities market after China's securities regulator discovered that Evergrande's flagship unit had inflated earnings and committed securities fraud. The company, once China’s largest property developer by sales, was ordered into liquidation in January.

Despite these developments, Hui, who was previously China’s richest man, has not been formally charged with any crimes. It remains unclear how long he will stay in detention or if he will face a trial. His transfer to Shenzhen is reportedly to facilitate communication with top Evergrande executives, as the company's headquarters is in nearby Guangzhou and its wealth management unit is based in Shenzhen.

The move comes amidst a broader crackdown on high-profile business figures in China, where many former executives have faced extended periods in detention with little information about their fate. Hui was initially under house surveillance in Beijing after his arrest, according to one source.

Evergrande has defaulted on most of its $300 billion in liabilities and billions in wealth management product payments since 2021. The company's financial troubles have highlighted the wider issues facing China's property sector, which continues to drag on the country's economic growth.

Earlier this year, a regulatory investigation revealed that an Evergrande unit had inflated revenue by 564 billion yuan (RM342.26 billion) between 2019 and 2020 and issued bonds based on falsified financial statements.

Hui, currently detained in Shenzhen, is reportedly in "good shape" and has access to medical care and quality food at the special detention center, which typically provides better conditions than ordinary facilities. Hui has written to senior Evergrande executives from the center, urging them to quickly resolve outstanding payments to investors in the company’s wealth management products.

Evergrande's wealth management unit had announced repayment plans to investors in late 2021. However, by August of the following year, it reported an inability to make monthly installments, leading to the detention of some of its staff by Shenzhen police shortly thereafter.

Despite its challenges, Evergrande appears close to delivering most of the homes it promised to buyers. Over 70% of the construction on these apartments is reportedly completed, although details on the total number of apartments were not provided. As of 2022, Evergrande had nearly 800 projects across China.

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