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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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Key Corporate Updates from Malaysia

Business Highlights: Capital A, ABM Fujiya, Protasco, LFE Corp, TAS Offshore, Kerjaya Prospek, Leong Hup, Tan Chong Motor, MNRB, Pantech

KUALA LUMPUR (Oct 23): Here are some key business updates from Wednesday:

  1. Capital A Bhd has terminated a US$1.15 billion deal to inject its AirAsia brand management business into a Nasdaq-listed SPAC, Aetherium Acquisition Corp, due to Aetherium receiving a delisting notice from Nasdaq. The notice followed Aetherium’s failure to comply with Nasdaq’s minimum market value and shareholder requirements.

  2. ABM Fujiya Bhd announced that Chinese battery maker Jujiang Power Technology Co Ltd will acquire a 40% stake in its subsidiary Fuya Energy Sdn Bhd for RM48 million, which will be offset against earlier cash advances. The deal is expected to boost ABM Fujiya’s revenue and profits.

  3. Protasco Bhd reported a revision in its affordable housing project awarded by Perbadanan Putrajaya. The number of units for the two projects under the Residensi Prihatin scheme has been reduced slightly, with both projects being renamed.

  4. LFE Corp Bhd secured an RM81.71 million construction contract for main building works through its subsidiary LFE Engineering Sdn Bhd. The contract was awarded by Puncakcity Development Sdn Bhd and will be completed in 32 months.

  5. TAS Offshore Bhd announced shipbuilding contracts for eight tugboats valued at RM49.1 million from new Indonesian customers. The tugboats are expected to be delivered in Q2 2025.

  6. Kerjaya Prospek Group Bhd has won two contracts totaling RM34.4 million for developments in Penang and Selangor. The contracts involve piling, earthworks, and structural works, with both projects starting in November 2024.

  7. Leong Hup International Bhd has appointed Chong Choon Yeng as its new CFO, effective January 2025. Chong previously held the same position at Tan Chong Motor Holdings Bhd.

  8. MNRB Holdings Bhd reported a doubling of its net profit for Q2 to RM92.74 million, attributed to an increase in insurance service earnings. The company declared a 10 sen per share dividend, up from 4.45 sen a year earlier.

  9. Pantech Group Holdings Bhd posted a 27% drop in Q2 net profit to RM20.74 million, due to lower sales in domestic oil and gas projects and foreign exchange losses. However, the company maintained a second interim dividend of 1.5 sen per share.

These updates provide insights into the latest corporate moves across various sectors in Malaysia.

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