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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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Malaysia Key Market Updates and Corporate Highlights

Wall Street Recap

U.S. equities bounced back, recouping recent losses amid inflation relief:

  • S&P 500: +1.09% to 5930.85
  • Dow Jones: +1.18% to 42840.26
  • Nasdaq: +1.03% to 19572.60

Key developments include:

  • Berkshire Hathaway boosted its stake in Occidental Petroleum, acquiring $409.2 million worth of shares over three days.
  • Trump Media & Technology (DJT.US) fell 6% after Donald Trump transferred 115 million DJT shares, valued at over $4 billion, to a revocable trust.

Bursa Market Insight

Malaysia’s FTSE Bursa Malaysia KLCI closed lower at 1591.41 (-0.54%):

  • Top Gainer: PBBANK (1295.MY) up 2.19% to RM12.14
  • Top Loser: PETDAG (5681.MY) down 4.23% to RM19.02

Corporate Highlights

1. Top Glove (TOPGLOV.MY)

  • Swung to a net profit of RM5.47 million in 1QFY2025, reversing a loss of RM57.71 million a year ago.
  • Revenue surged 79.5% to RM885.89 million, driven by glove sales projected to rise 60% in FY2025, benefiting from U.S. tariffs on Chinese gloves.

2. Kenergy (KENERGY.MY)

  • FY2024 net profit surged 44.5% to RM19.22 million, with revenue up 15% to RM113.1 million.
  • Strong 4QFY2024 performance included revenue growth of 23.1% q-o-q, attributed to increased industrial process plant sales.

3. Malaysia Airports Holdings Bhd (AIRPORT.MY)

  • Khazanah Nasional Bhd and EPF's takeover offer of RM11 per share was deemed fair by Hong Leong Investment Bank.
  • However, MAHB's non-interested directors recommended rejecting the bid as unfair and unreasonable.
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