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.
GuocoLand (M) Bhd saw its net profit drop over 50% to RM2.32 million in the first quarter ending Sept 30, 2024, compared to RM4.79 million the previous year, primarily due to reduced contributions from its property development division . The company’s revenue fell nearly 50% to RM60.34 million from RM119.15 million a year earlier. Amid challenging conditions in the domestic property sector , including high interest rates and rising construction costs , GuocoLand highlighted the difficulty of maintaining profit margins and noted an oversupply of properties across various markets. To address these challenges, GuocoLand plans to: Focus on timely completion of ongoing projects Monetize inventories Maintain prudent financial management The company will phase new product launches to align with local market conditions and continue reviewing its landbank development plans to ensure relevance, while also exploring potential acquisitions for growth. GuocoLand shares ended the day slight...