KUALA LUMPUR, July 9 (Bernama) -- Bursa Malaysia closed lower on Thursday as renewed geopolitical tensions in West Asia weighed on investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.97 points, or 0.36 per cent, to 1,677.64 from Wednesday's close of 1,683.61. The benchmark index opened 2.62 points lower at 1,680.99, and moved between 1,676.18 and 1,683.80 throughout the session. However, market breadth was slightly positive, with gainers leading losers 533 to 504, while 547 counters were unchanged, 1,112 untraded, and 12 suspended. Turnover slipped to 2.64 billion units valued at RM2.19 billion from 2.96 billion units valued at RM2.18 billion on Wednesday.
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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