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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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Gamuda Poised for Record-High Close as New Contracts Drive Investor Optimism

Gamuda Bhd shares surged on Monday, reaching RM8.68, nearing a record high amid investor enthusiasm over its recent data centre contract. By 10am, shares stood at RM8.59, pushing the company's market capitalization beyond RM24 billion, with potential for FBM KLCI inclusion by year-end.

The RM451 million Cyberjaya data centre contract brings Gamuda’s contract wins since August to RM6.7 billion, boosting its order book to RM31.4 billion. Analysts see potential to surpass its RM35 billion target by December.

CIMB Securities set a price target of RM10.20, joining other analysts with targets above RM10, amid high confidence that Gamuda could secure up to RM15 billion in new projects in the next two quarters.

Shares have risen 94% this year, fueled by optimism in the construction sector and major government infrastructure plans. Analysts maintain a strong bullish outlook with 18 'buy' calls and a consensus target price of RM9.48, indicating a further 10% upside.

With more data center projects likely and the Penang Light Rail Transit project potentially finalizing by month-end, analysts expect further growth in Gamuda’s order book.

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