KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
Stock Performance
- Pekat Group Bhd (KL:PEKAT) surged 4% to RM1.22, marking a new all-time high since its listing nearly four years ago.
- The stock later settled at RM1.21, with over 1.5 million shares traded.
- At its latest price, Pekat's market capitalization stands at RM779 million.
Catalysts for the Rally
- Better-than-expected quarterly earnings, reflecting strong demand in the solar energy sector.
- Secured a new contract, boosting investor confidence in the company’s growth prospects.
Market Sentiment
- Investors are bullish on renewable energy stocks, with solar installation projects gaining traction.
- Pekat's continued expansion in the solar industry supports long-term growth potential.
Summary:
- Pekat Group stock hit a new record high, climbing 4% to RM1.22.
- Strong earnings and a new contract win fueled the rally.
- Investor confidence in renewable energy remains strong.
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