KUALA LUMPUR, April 21 (Bernama) -- Bursa Malaysia’s benchmark index closed flat to settle at slightly below the 1,500-mark on Monday as investors balanced persistent global uncertainties with signs of underlying domestic resilience, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.07 of-a-point to 1,499.47 compared to Friday’s close of 1,499.40. The benchmark index opened 2.68 points higher at an intraday high of 1,502.08 and hit an intraday low of 1,494.27 during the early afternoon session. In the broader market, decliners outpaced gainers 512 to 308, while 463 counters were unchanged, 1,142 untraded, and 39 others suspended. Turnover dwindled to 1.53 billion units valued at RM1.19 billion against Friday’s 1.69 billion units valued at RM1.24 billion.
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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