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.
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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