KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Keyfield International Bhd (KL) saw its shares surge on Thursday, reaching a one-month high after the oil and gas services company announced new work orders. The stock climbed as much as 6.5%, or 15 sen, to RM2.45, its highest since Aug 27, with a trading volume of 575,900 shares. At 9:40 am, the stock was trading at RM2.44, giving Keyfield a market capitalization of nearly RM2 billion.
The company's recent fleet expansions are expected to drive future growth. Keyfield Itqan, a 239-pax accommodation work barge delivered on July 3, and Keyfield Aulia, a second-hand AHTS vessel delivered on Aug 13, are both slated for deployment and are projected to start contributing to earnings from 4QFY2024.
Kenanga also expects the demand for chartered vessels to continue increasing, with daily charter rates likely trending upwards due to tight supply in the local OSV market and growing client demand. This bodes well for Keyfield's earnings growth in the coming quarters.
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