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.
Poh Kong Holdings Bhd (KL: POHKONG) reported a record-breaking annual earnings of RM116.9 million for its financial year 2024, a 49% increase from RM78.4 million in FY2023. The surge in earnings is attributed to rising gold prices , which hit an all-time high of US$2,636.85 (RM11,003.58) per ounce on Tuesday, driven by dovish signals from the US Federal Reserve and escalating tensions in the Middle East. The company’s cumulative revenue for FY2024, which ended on July 31, rose by 11.7% to RM1.64 billion , up from RM1.47 billion in FY2023. Earnings per share also climbed to 28.49 sen , compared to 19.12 sen in the previous year. For the fourth quarter, net profit skyrocketed more than fourfold to RM22.03 million from RM4.98 million a year ago, while revenue grew 8.5% to RM342.5 million . The company credited this growth to increased demand for gold jewellery and gold investment products . In response to its strong financial performance, Poh Kong has proposed a final single...