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.
Hartalega Holdings Bhd reported a 69% drop in net profit for its second quarter ended Sept 30, 2024, as rising raw material costs and a stronger ringgit affected export revenues. The net profit for this period was RM8.63 million , while without deferred tax income from capital investment incentives, the company would have recorded a pre-tax loss of RM47.45 million . Despite these challenges, revenue increased 44% year-on-year to RM652.07 million , driven by higher sales volume. A first interim dividend of 0.56 sen per share was declared, payable on Dec 11. Industry Challenges and Outlook: The glove manufacturing sector remains pressured by global oversupply and competitive pricing, which has impacted average selling prices . Furthermore, global shipping disruptions and volatile forex markets have contributed to these difficulties, with Hartalega deriving most of its income from exports. However, the company sees potential benefits from upcoming US tariffs on Chinese gloves , eff...