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 ...
Hup Seng Industries Bhd's (KL) shares surged after the company reported record quarterly profits and announced a special dividend.
The biscuit maker's stock rose 9.1% to RM1.20 at its peak before settling at RM1.16, valuing the company at RM928 million with 1.7 million shares traded by 9:15 am.
BIMB Securities upgraded Hup Seng to a “buy” with a target price of RM1.36, following stronger-than-expected quarterly results. The firm cited Hup Seng’s enhanced production capabilities and solid market positioning as key growth drivers.
Earnings projections for FY2024F, FY2025F, and FY2026F were raised by 26.9%, 28.4%, and 30.1%, respectively, driven by an anticipated rise in sales from increased production and market reach.
Festive season demand is expected to further boost sales momentum, BIMB noted. However, they cautioned about potential margin pressures due to rising palm oil costs.
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