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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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Scomi Energy Seeks New Investor After Dhaya Maju Deal Fails

Key Takeaway: Scomi Energy Services Bhd is in preliminary talks with a new "white knight" investor to formulate a regularisation plan, aiming for submission by Jan 31, 2025.

Scomi Energy, a PN17 company, has entered initial discussions with another investor after its previous deal with Dhaya Maju Infrastructure fell through. The company’s regularisation plan deadline is approaching, with end-January 2025 as the target.

This comes after Scomi’s external auditor, Crowe Malaysia, issued a disclaimer of opinion on the financial statements for FY2024, citing insufficient audit evidence and expressing doubts about the company’s ability to continue as a going concern if the new regularisation plan is not successfully implemented.

The company has been in PN17 status since January 2020 and has faced ongoing financial struggles, narrowing its net loss to RM742,000 in FY2024 from RM86.16 million the previous year. However, it reported negative operating cash flow and rising accumulated losses of RM473.05 million by June 2024. Scomi’s shares have remained suspended since July last year, last trading at 0.5 sen.

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