KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia extended gains to a third consecutive session today, driven by broad-based buying across various sectors following the recent strong sell-off, in line with the performance of regional markets, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 15.66 points, or 1.04 per cent, to 1,527.81 from Friday’s close of 1,512.15. The benchmark index opened 5.43 points firmer at 1,517.58 -- its intraday low -- and peaked at 1,531.63 during the mid-morning session and maintained its momentum throughout the afternoon session. On the broader market, gainers thumped decliners 708 to 297, while 425 counters were unchanged, 994 untraded, and seven suspended. Turnover improved to 3.28 billion units worth RM2.40 billion from 3.24 billion units worth RM2.5 billion on Friday.
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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