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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.  
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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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