KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Poh Kong Holdings Bhd (KL: POHKONG) reported a record-breaking annual earnings of RM116.9 million for its financial year 2024, a 49% increase from RM78.4 million in FY2023. The surge in earnings is attributed to rising gold prices, which hit an all-time high of US$2,636.85 (RM11,003.58) per ounce on Tuesday, driven by dovish signals from the US Federal Reserve and escalating tensions in the Middle East.
The company’s cumulative revenue for FY2024, which ended on July 31, rose by 11.7% to RM1.64 billion, up from RM1.47 billion in FY2023. Earnings per share also climbed to 28.49 sen, compared to 19.12 sen in the previous year.
For the fourth quarter, net profit skyrocketed more than fourfold to RM22.03 million from RM4.98 million a year ago, while revenue grew 8.5% to RM342.5 million. The company credited this growth to increased demand for gold jewellery and gold investment products.
In response to its strong financial performance, Poh Kong has proposed a final single-tier dividend of 3 sen per share, up from 2 sen in the same quarter last year, with the payment date to be announced later.
Poh Kong expressed confidence in its ability to navigate the challenges of FY2025, stating that it will continue to monitor uncertainties and uphold financial commitments. The company’s shares closed unchanged at RM1.19, with a year-to-date increase of 40.7%.
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