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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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Ex-Singapore Oil Tycoon Lim to Pay $3.5 Billion to Liquidators in Landmark Case

Former Singapore oil mogul Lim Oon Kuin and his children are set to pay $3.5 billion to the liquidators of Hin Leong Trading Pte. to settle a civil lawsuit aimed at recovering funds for the company's creditors. This settlement, known as a consent judgment, will also include interest and costs, marking a significant moment in the downfall of Lim's once-thriving oil trading empire, which was the largest independent oil trader in Singapore.

The legal action follows the collapse of Hin Leong in 2020, which left creditors, including major banks, with substantial losses. Among the affected, HSBC Holdings Plc has the largest exposure at $600 million, and the Lims are expected to proceed with similar settlements for other claimants.

This settlement marks an inglorious end to Lim's career, having built Hin Leong from scratch in 1973 into a major player in the oil trading sector, with interests spanning bunkering and storage businesses.

While this agreement resolves the civil suit, Lim's legal challenges are far from over. He is due to be sentenced later this week in a separate criminal trial for charges of cheating and forgery.

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