KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Sunway Construction (SUNCON) saw its stock tumble 18% before recovering, after news broke that one of its employees is under MACC investigation for alleged misconduct with subcontractors.
While the case is still under investigation, it’s clear that SUNCON is taking swift and transparent action:
The employee has been suspended.
SUNCON reaffirmed its zero-tolerance stance on bribery and corruption.
The firm holds ISO 37001:2016 Anti-Bribery certification and complies with MACC Act Section 17A.
Impact on valuation: Kenanga removed the 5% ESG premium, revising the target price to RM5.66 (from RM5.94), but maintains a “Market Perform” rating.
Why it matters: ESG isn’t just a checkbox—this case is a real-world stress test. SUNCON's robust compliance framework might be its shield, but it also highlights that integrity culture must go beyond policies.
Comments
Post a Comment