KUALA LUMPUR, Nov 12 (Bernama) -- Bursa Malaysia extended its losing streak for a fourth consecutive session, closing lower on Thursday amid continued broad-based selling that weighed on market sentiment, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.23 points or 0.57 per cent to 1,585.96 from Wednesday's close of 1,595.19. The benchmark index opened 3.61 points lower at 1,591.58 and fluctuated between an intraday low of 1,583.66 and a high of 1,592.89 throughout the day. Market breadth remained negative with losers thumping gainers 799 to 318, while 476 counters were unchanged, 1,181 untraded and 13 suspended. Turnover climbed to 3.06 billion units valued at RM2.56 billion compared with yesterday’s 2.90 billion units valued at RM2.33 billion.
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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