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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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Key Corporate Updates from Malaysia



Symphony Life Bhd: Former CFO Ng Ying Yiing and former group adviser Datuk David Goh were charged in the Sessions Court for using RM2.57 million in company funds to purchase shares in Cycle and Carriage Bintang Bhd without board approval. The Industrial Court ruled that Symphony Life's CEO Chin Jit Pying authorized the purchase.

Frontken Corp Bhd: Frontken reported a 32% surge in net profit to RM35.32 million for 3QFY2024, driven by strong semiconductor demand and increased utilization at its Taiwan facility. Revenue also rose by 8.08% to RM144.31 million.

Unisem (M) Bhd: The semiconductor device manufacturer saw a 48% y-o-y increase in net profit for 3QFY2024, reaching RM26.75 million due to higher sales volume and foreign exchange gains. The company declared a two-sen dividend.

LPI Capital Bhd: LPI Capital's net profit for 3QFY2024 rose by 27% to RM123.94 million, benefiting from higher investment returns and lower reinsurance expenses.

Infoline Tec Group Bhd: Infoline reported a 54.6% increase in net profit for 3QFY2024 to RM8.04 million, driven by strong contributions from managed IT services. The group declared a 0.79 sen interim dividend.

Tasco Bhd: Tasco's 2QFY2025 net profit fell by 48.7% to RM8.13 million, with the company citing challenges in its supply chain solutions division. Revenue grew 8.1% to RM295.69 million.

Telekom Malaysia Bhd: TM appointed Ahmad Fairus Rahim as its new group CFO, effective Nov 1, replacing Razidan Ghazalli.

Kumpulan Kitacon Bhd: Kitacon secured a RM131.9 million contract to build terraced houses in Bandar Puncak Alam, Selangor, for Tropicana Alam Sdn Bhd.

Chin Teck Plantations Bhd: Chin Teck reported a 64.32% increase in 4QFY2024 net profit to RM22.53 million, supported by higher sales volumes and average selling prices of palm products.

Techna-X Bhd: Techna-X announced its inability to release its annual report for the financial period ended June 30, 2024, and faces potential trading suspension if it fails to issue the report by Nov 7.

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