KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
Key Takeaway: Super Micro Computer Inc. (SMCI) saw its shares soar 38% overnight after announcing a plan to maintain its Nasdaq listing status and the appointment of a new auditor.
Details of the Announcement:
- New Auditor: The company’s board has appointed BDO USA, P.C., an affiliate of BDO International, as its independent auditor.
- Compliance Plan: Super Micro has submitted a plan to Nasdaq, requesting additional time to meet its compliance standards.
Next Steps:
- The company expects to finalize its annual report for the fiscal year ending June 30, 2024, and its quarterly report for the period ending September 30, 2024, within the grace period that Nasdaq may provide.
- Super Micro expressed confidence in its ability to become compliant with Nasdaq’s periodic reporting requirements.
Market Impact:
The proactive measures have boosted investor confidence, reflected in the sharp rise in the company’s share price.
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