KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96. The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
Good morning, mooers! Here’s what you need to know about today’s market:
Wall Street Recap
The first trading day of December brought gains for major US indices:
- S&P 500: Up 0.24% to 6,047.
- Nasdaq Composite: Up 0.97% to 19,403.
- Dow Jones: Down 0.29% to 44,782.
Breaking News
EPF Withdrawals:
- Nearly RM11 billion was withdrawn from EPF Account 3 by 3.86 million members as of September 2024.
- EPF’s total investment assets stood at RM1.22 trillion, with 37.8% invested overseas.
Special Dividends Surge:
- Companies are declaring special dividends ahead of a 2% dividend tax for individuals earning more than RM100,000 annually, set to begin in 2025.
Stocks to Watch
1. SIMEPROP (5288.MY)
- Major Lease Agreement: Signed a 20-year lease with Pearl Computing Malaysia Sdn Bhd for data center facilities valued up to RM5.6 billion.
- Location: Elmina Business Park, Klang Valley’s largest freehold industrial hub.
- Strategic Move: Strengthens Sime Darby Property’s investment and asset management segment, which contributed 3% of its 2024 revenue.
2. YINSON (7293.MY)
- New Contract: Secured a 10-year FSO vessel charter worth up to US$416 million (RM1.8 billion) with PetroVietnam.
- Operational Highlights:
- FSO capacity: 500,000 barrels of oil equivalent.
- Long-term charter agreements until 2028, with extension options.
3. SUNWAY (5211.MY)
- Share Sale: Founder Tan Sri Jeffrey Cheah sold 100 million shares for RM485 million, reducing his stake in Sunway to 9.98%.
- Strategic Sales: Follows previous sales earlier this year at varying prices, signaling active portfolio management.
4. CLMT (5180.MY)
- Logistics Expansion: Acquiring the Elmina Logistics Hub for RM180 million, with completion expected in 2025.
- Rental Yield: Lease to Projek Tetap Teguh Sdn Bhd will generate a 6.8% gross annual yield.
5. T7GLOBAL (7228.MY)
- New Contract: Awarded a 5-year maintenance and commissioning contract by Jadestone Energy.
- Scope: Includes Pan-Malaysia MCM services for Package B3.
6. PESONA (8311.MY)
- Cyberjaya Project: Secured a RM181.8 million contract to build two 28-storey condominium blocks for Lakefront Residence.
- Order Book: Total outstanding order book now at RM2.3 billion.
Investor Takeaway
- SIMEPROP’s data center lease and YINSON’s FSO deal reflect robust long-term growth opportunities in real estate and energy.
- CLMT’s logistics acquisition aligns with increasing demand for industrial assets.
- Investors should watch special dividend payouts as the upcoming dividend tax reshapes company policies.
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