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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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Malaysia Morning Wrap: Key Market Highlights


 

Wall Street Recap

  • U.S. stock indices retreated after hitting record highs earlier in the week:
    • Dow Jones: Down 0.70% (-300 points).
    • S&P 500: Declined 1.32%.
    • Nasdaq Composite: Fell 2.24%.

Breaking News in Malaysia

Economists Maintain Cautious Optimism for Q4 GDP

  • GDP Growth Outlook:

    • Q4 2024 GDP projected between 4.2% and 5.5% following 5.3% growth in Q3.
    • Growth driven by domestic policies and investments despite risks from U.S. tariffs under President Trump.

  • Key Risks:

    • Global trade concerns could weigh on 2025 GDP projections.

PM Anwar’s Peru Visit Secures RM1.24 Billion in Potential Exports

  • Key Sectors:
    • Construction materials, medical equipment, palm oil, chemicals, and food and beverages.
  • Highlights:
    • Focus on logistics and port cooperation to enhance bilateral trade.
    • Investment discussions in food processing, logistics, and pharmaceuticals.

Stocks to Watch

1. Malaysia Airports Holdings (AIRPORT.MY)

  • Takeover Bid:
    • Led by Khazanah Nasional and EPF, offering RM11/share, valuing the company at RM18.4 billion.

2. Kossan Rubber Industries (KOSSAN.MY)

  • Q3 FY2024 Results:
    • Net profit fell 28.15% to RM29.44 million despite a 25.75% revenue increase to RM507.39 million.
    • Dividend Announcement: 8 sen per share (6 sen special dividend + 2 sen interim dividend), payable Dec 12.
    • 9M 2024 Net Profit: RM92.33 million, up from RM13.42 million YoY.

3. Malaysia Smelting Corporation (MSC.MY)

  • Dividend Boost:
    • Declared 24 sen/share, the highest since 2011.
    • Net Profit Growth: Up 20.88%, driven by higher tin sales and prices.

4. Geshen (GESHEN.MY)

  • Q3 Net Profit: Increased 46%, driven by strong manufacturing performance and contributions from a new subsidiary.

5. Plintasan Kota Holdings (PLINTAS.MY)

  • Arbitration Settlement: No financial loss due to indemnity agreements.

6. Citaglobal (CITAGLB.MY)

  • New Agreement: To construct a 5.4MW solar power facility in Azerbaijan with a 21-year power purchase agreement.

7. PENERGY (PENERGY.MY)

  • Contract Awarded: A four-year deal with Sarawak Shell Bhd and Sabah Shell Petroleum for offshore crane operations and maintenance.

8. Sunsuria (SUNSURIA.MY)

  • Acquisition: 20% stake in KL City Gateway Sdn Bhd for RM10.47 million, with plans to inject RM40 million for a mixed-use development valued at RM2.68 billion.
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