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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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Bharti Airtel's Profit Falls Short Due to One-Time Charges Despite Revenue Gains

Bharti Airtel Ltd reported lower-than-expected profits for the quarter ended September 30, despite benefiting from tariff hikes introduced in July. The company's net income rose nearly threefold to 35.9 billion rupees (RM1.85 billion), compared to the same period last year, but fell short of analysts' estimates of 43.98 billion rupees, according to a filing on Monday.

The shortfall was primarily due to a one-time charge of 8.54 billion rupees, which also coincided with a loss of subscribers during the quarter.

The company, India's second-largest wireless carrier, saw revenue increase by 12% to 414.73 billion rupees, slightly exceeding analyst expectations. However, total costs also rose by 12%, reaching 196.3 billion rupees.

Bharti Airtel's average revenue per user (ARPU) in India rose by 10% to 233 rupees, although it remains below the 300-rupee target that the company has been pushing for as the minimum necessary for financial sustainability in the telecom sector.

The company also announced leadership changes, with Gopal Vittal being appointed vice chairman and Shashwat Sharma named as the managing director and chief executive officer.

The quarter's performance follows a low base from the previous year, when Bharti Airtel's profits were impacted by an adverse court ruling in India and lower revenue from Africa due to the devaluation of the Nigerian naira.

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