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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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Malaysia Updates: Sunway Profits Soar Amid Market Developments

 Key Highlights

  • Markets Mixed: Global indices show varied movements; Bitcoin reached record highs of $99,121 before retreating.
  • Economic Focus: Malaysia is aligning its real economy and capital markets to drive inclusive growth, with 5.2% GDP growth over the first three quarters.

Top News

Sunway Construction Group (SUNCON)

  • Profit Surge: 3Q net profit rose 32.71% to RM46.47 million, fueled by the accelerated progress of data center projects.
  • Revenue Growth: Up 28.48% to RM865.33 million, compared to RM673.51 million in the same period last year.
  • Dividend: Declared a 2.5 sen per share interim dividend, payable on Dec 26.

Other Stocks to Watch

Petron Malaysia Refining & Marketing (PETRONM)

  • Profit Plunge: Net profit dropped 94.3% to RM4.63 million due to lower fuel demand after the diesel subsidy introduction. Revenue declined 21.4% to RM3.81 billion.

Dayang Enterprise (DAYANG)

  • Record Profit: 3Q net profit soared 76.67% to RM134.94 million, driven by higher vessel utilization and daily rent. Revenue climbed 30.48% to RM448.51 million.

UEM Sunrise (UEMS)

  • Profit Growth: Net profit for 3QFY2024 rose to RM23 million, driven by non-strategic land sales in Johor. Revenue increased 18.24% to RM369.33 million.

Malaysia Airports (MFCB)

  • Renewable Energy Boost: Net profit grew 13.8% to RM116.64 million, with revenue up 16.1% to RM372 million due to renewable energy and resource segments.

Oriental Holdings (ORIENT)

  • Profit Dip: Net profit plummeted 70.12% to RM88.87 million due to the absence of prior year’s one-off gains. Revenue rose 20.72%, driven by strong Honda Civic sales.

Economic and Policy Updates

Malaysia Reinvents Economic Framework

  • Finance Minister II Datuk Seri Amir Hamzah Azizan emphasized aligning capital markets with the real economy to ensure equitable growth.
  • 46 new IPOs reflect a robust market pipeline.

Global Financial Architecture Reform

  • Prime Minister Dato' Seri Anwar Ibrahim proposed WTO and IMF reforms to counter rising protectionism and support free trade for smaller nations.

Summary

Sunway’s impressive profit growth underscores the increasing significance of data center projects in Malaysia’s economic landscape. Meanwhile, reforms in the global financial architecture and Malaysia’s focus on equitable growth signal the country’s strategic push for sustained development

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