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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Grab Swings to Q2 Profit on Strong Demand and Cost Control

Grab Holdings posted a  $20 million net profit  for the second quarter, turning around from a  $68 million loss  a year ago, as strong consumer demand and disciplined cost management boosted results. Financial Highlights: Net Profit:  $20M (vs. $68M loss last year), beating analysts’ $17.53M estimate. Revenue:  $819M, up  23% , driven by on-demand and financial services. Adjusted EBITDA:  $109M, up  69%  year-over-year. Key Drivers: Higher revenue, improved margins, and lower share-based compensation expenses. GrabUnlimited subscribers  continued to outspend and order more frequently than non-subscribers, especially in food delivery. CEO Commentary: Co-founder and CEO Anthony Tan said continued investment in affordability and reliability has “deepened user engagement and retention” despite a volatile macro environment. Outlook: Grab maintained its annual adjusted EBITDA guidance at  $460M–$480M . Expects  a stronger second...
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Grab Shares Surge 15% on Upgraded Earnings Forecast Amid Cost-Cutting

Grab Holdings Ltd shares jumped up to 15% in US trading after the Southeast Asian ride-hailing and delivery giant raised its full-year earnings forecast to $308-313 million Ebitda, surpassing its earlier projection of $270 million. Grab’s third-quarter Ebitda reached $90 million , outpacing analyst expectations of $66.2 million, with the company reporting its second net profit ever. The stock climbed to $5.04 in after-hours trading, recovering from declines since its 2021 public debut. Revenue for 2024 is now forecast to reach up to $2.78 billion , slightly above previous estimates. Grab’s 42 million monthly users still represent significant growth potential in Southeast Asia’s population of 650 million. With a focus on balancing profitability and growth amid regional competition, Grab remains optimistic about the region’s long-term prospects.
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Grab Malaysia Distances Itself from AIC's Open Letter to PM

  Grab Malaysia has clarified that it was neither informed nor consulted about the recent open letter addressed to Prime Minister Datuk Seri Anwar Ibrahim by the Asia Internet Coalition (AIC), which expressed concerns over a proposed regulatory framework for social media and instant messaging platforms in Malaysia. In a statement issued on Monday, Grab emphasized that the proposed regulations do not affect its operations, stating, "Therefore we had no part in it. We did not and are not commenting on the matter." This response came after a Reuters report mentioned Grab as a member of the AIC, linking it to the coalition’s stance. Grab further distanced itself from AIC's position, reaffirming its commitment to working with the Malaysian government and contributing to the country’s development. The open letter from AIC, dated Friday, criticized the proposed licensing regime by the Malaysian Communications and Multimedia Commission (MCMC), which requires social media platform...
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