Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
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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