KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96. The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
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Here’s what you need to know about today’s market updates and corporate earnings:
Wall Street Recap
- S&P 500: Fell 0.38%.
- Dow Jones: Dropped 0.31% after hitting a record high of 45,003.
- Nasdaq Composite: Slipped 0.60% ahead of Thanksgiving holiday.
Breaking News
Selangor's Care Economy Policy:
- Aimed at tackling aging population challenges, the policy focuses on elderly care, childcare, and disabled support.
- Includes advocacy, governance, workforce training, and technological innovation, culminating in the Selangor Care Economy Summit in 2025.
Cropmate Berhad IPO:
- Oversubscribed by 84.88 times, receiving applications worth RM633.81 million.
- Set to list on Bursa Securities ACE Market on December 5, 2024.
Stocks to Watch
Winners:
AMBANK (1015.MY):
- 2QFY2025 Net Profit: Rose 7% y-o-y to RM500.57 million.
- Interim dividend increased to 10.3 sen per share.
FGV (5222.MY):
- 3QFY2024 Net Profit: Nearly tripled to RM87.16 million, supported by higher output and prices.
KERJAYA (7161.MY):
- 3QFY2024 Net Profit: Increased 30% to RM46.09 million.
- Declared a total dividend of seven sen, including a special four sen dividend.
CHINHIN (5273.MY):
- 3QFY2024 Net Profit: More than doubled to RM27.67 million, driven by revenue from new subsidiaries.
Mixed Performances:
PETGAS (6033.MY):
- 3QFY2024 Net Profit: Grew 5.4% to RM493.67 million, with a dividend of 18 sen per share.
IJM (3336.MY):
- 2QFY2025 Net Profit: Fell 20.8% to RM74.21 million, impacted by unrealized forex losses.
Underperformers:
INARI (0166.MY):
- 1QFY2025 Net Profit: Dropped 71.6% to RM24.12 million, the lowest in nearly nine years, due to a RM53.3 million forex loss.
MEDIA (4502.MY):
- 1QFY2025 Net Profit: Declined 86.77% to RM1.86 million, impacted by challenging market conditions.
TROP (5401.MY):
- 3QFY2024 Net Loss: Reported RM454.93 million due to one-off RM474.8 million losses.
HENGYUAN (4324.MY):
- 3QFY2024 Net Loss: Reached RM165.1 million, attributed to weakened margins and high stockholding losses.
BHIC (8133.MY):
- 3QFY2024 Net Loss: Reported RM11.95 million, following the sale of a 51% stake for RM54 million, resulting in a RM14.82 million loss.
Summary:
While sectors like banking and palm oil outperformed, forex losses and challenging market conditions weighed heavily on tech and media sectors. Notable IPO activity and progressive state policies, like Selangor’s care economy, signal evolving market dynamics. Keep an eye on Cropmate’s listing and the broader impact of macroeconomic factors such as forex fluctuations and policy developments.
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