AdminBursa opens at fresh high on buying in financial services stocks
KUALA LUMPUR:
Bursa Malaysia surpassed the 1,660 level in early trade, with the benchmark index gaining 0.79 per cent, opening at a fresh 44-month high today, bolstered by continued buying in financial services counters.
At 9.05am, the FTSE Bursa Malaysia KLCI (KLCI) rose 13.17 points to 1,665.46 from Tuesday’s close of 1,652.29. The local market bucked the weaker regional trend on Wednesday morning amid modest gains on Wall Street overnight.
The index broke the previous 44-month high recorded on Dec 14, 2020 where it closed at 1,662.74.
The index opened 5.48 points higher at 1,657.77.
The broader market was positive as gainers led losers by 183 to 178, with 217 counters unchanged, 1,938 untraded, and 42 others suspended.
Turnover stood at 136.53 million units valued at RM121.54 million.
Wall Street ended marginally higher amid a choppy session as traders await the announcement of Nvidia’s earnings, to be released later today.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said local sentiments are getting better with improving corporate earnings, strong economy, more construction contracts especially on data centres, and an appreciation of the ringgit.
All these factors are driving the market to trade higher. We believe the accumulation of blue chips will persist although the broader market sentiment may be somewhat lacklustre due to the lack of retail participation,
he noted.
He reckoned the recent influx of initial public offerings which topped RM2 billion raised for the first half of 2024 may be one of the main reasons for the low interest in small caps.
Therefore, we expect the index to oscillate between the 1,645-1,655 range today as we enter into the fervour of earnings season for the third quarter of 2024,
he said.
Among heavyweights, Maybank jumped 10 sen to RM10.80, Public Bank advanced six sen to RM4.74, CIMB increased 20 sen to RM8.13, and Tenaga rose 16 sen to RM14.08. IHH eased two sen to RM6.28.
As for the actives, Vetece advanced 22 sen to 47 sen, Velesto went up half-a-sen to 21.5 sen, while Notion erased 3.5 sen to 85.5 sen, Securemetric fell 2.5 sen to 21.5 sen, and Tanco decreased one sen to RM1.03.
On the index board, the FBM Emas Index climbed 69.09 points to 12,489.83, the FBMT 100 Index rose 73.71 points to 12,184.27, and the FBM Emas Shariah Index gained 33.88 points to 12,358.98.
The FBM 70 Index increased by 23.25 points to 17,790.24, while the FBM ACE Index dipped 13.61 points to 5,176.33.
Sector-wise, the Plantation Index garnered 33.08 points to 7,247.74, while the Energy Index declined 2.16 points to 944.72, the Industrial Products and Services Index eased 0.12 of-a-point to 183.41, and the Financial Services Index surged 194.67 points to 19,473.52.
Zaid slams Terengganu exco for fuss over Sukma diving participants
PETALING JAYA:
Zaid Ibrahim has hit out at a Terengganu executive councillor for expressing his displeasure over two Muslim girls representing the state in the diving competition at the recent Sukma games.
In a post on X, the former law minister questioned if there was something
wrong
with the state PAS leader.
Zaid said Hishamuddin Abdul Karim should have been proud that the two girls excelled in a sport and congratulated them instead.
“What’s wrong with him?
The two girls have parents who are their legal guardians. If the parents have no objection, who is the exco man to decide for the girls?
he said.
Zaid also pointed out that any law that allowed the state govt to decide on the lives of Muslims or their dress code was unconstitutional.
In 2018, Terengganu made it a requirement for state athletes to wear shariah-compliant clothing, both at home and while taking part in events outside the state.
Four years later, it banned women from taking part in gymnastic events because of non-shariah-compliant outfits, forcing several Muslim female gymnasts from the state to retire from the sport altogether.
Last night, Hishamuddin, who is the youth and sports committee chairman, said he was shocked by reports that two Muslim girls had represented the state in the diving competition at the Sukma games held in Sarawak.
He said the Terengganu sports council’s stand was that no female Muslims can represent the state in diving given that the necessary attire does not meet the state’s dress code for Muslim athletes.
Hishamuddin said he was not aware that the two divers had taken part in Sukma, let alone represented the state.
He said the Terengganu Amateur Swimming Association paid for their participation.
Zaid went on to call for sensible religious leaders to speak up and defend the civil liberties of Muslims to live their lives as they see fit.
He said it was time for Muslim parents to stand up and protect their children’s rights and not be cowed by the politicians.
If we follow the thinking of this Terengganu man, there will be no Muslim girls participating in sports, music and culture. How can this enslavement of the entire community be allowed?
UM denies report by ‘Dr Sarah Jamal’ on sinkhole
KUALA LUMPUR:
Universiti Malaya’s geology department has denied a report attributed to one Dr Sarah Jamal
, stating that no such geologist is employed at the university.
Associate professor Meor Hakif Amir Hassan, head of UM’s geology department, confirmed that no geologist named Sarah Jamal is registered with the Malaysian Board of Geologists.
The content of the article is not based on facts and is false,
Meor Hakif said in a post on the department’s Facebook page today. He said the department is exercising caution in commenting on the sinkhole incident at Jalan Masjid India here as the search for the missing woman and investigations by authorities are ongoing.
The denial follows an article, which went viral on social media, allegedly written by a prominent
UM geologist named Sarah Jamal who claimed a huge empty cave
existed beneath Kuala Lumpur.
Muhyiddin to be charged with sedition tomorrow
PETALING JAYA:
Former prime minister Muhyiddin Yassin will be charged with sedition at the sessions court in Gua Musang tomorrow morning.
According to sources in the Attorney-General’s Chambers, the charge under the Sedition Act is over a speech Muhyiddin, the Perikatan Nasional chairman made in the run-up to the Nenggiri by-election.
Muhyiddin had courted controversy when he claimed that for some reason
he was not invited by the former king to be sworn in as prime minister after the 15th general election despite having the numbers
needed to form the government.
His remarks led to 29 police reports lodged against him and a rebuke from the Pahang palace.
Muhyiddin had previously defended his statement, insisting it was factual and subsequently said he had submitted 115 statutory declarations to back his claim.
Muhyiddin will be the third opposition leader to be charged with sedition.
In July last year, PN election director Sanusi Nor was charged with making seditious statements against royalty. He pleaded not guilty to the two charges.
In November, Bersatu information chief Razali Idris was charged with making a seditious statement about the Malaysian Anti-Corruption Commission. He also claimed trial.
Berjaya Food falls into the red, posts RM91mil net loss in FY2024
PETALING JAYA:
Berjaya Food Bhd (BFood) has slipped into the red with a net loss of RM91.51 million in the financial year ended June 30 (FY2024) compared with a net profit of RM103.4 million in FY2023.
Revenue fell 34.2% to RM730.3 million from RM1.11 billion previously,
it said in a filing with Bursa Malaysia.
The operator of restaurants, cafe chains, and retail outlets said the lower revenue was attributed to current sentiment related to the conflict in the Middle East, as well as a one-off loss arising from the disposal of the group’s entire equity interest in Jollibean Foods Pte Ltd.
For the fourth quarter of FY2024 (Q4 2024), the group incurred a net loss of RM38.2 million compared with a net profit of RM17.28 million in Q4 FY2023.
BFood said its revenue declined by 59.1% to RM130.56 million from RM271.74 million previously, partly due to sentiment over the Middle East conflict.
The company did not recommend any dividend for the current quarter under review.
On prospects, BFood said its directors recognised the challenging market conditions and external pressures affecting the group’s business performance.
“Despite these difficulties, we remain cautiously optimistic and expect a gradual improvement in operational performance over the next financial year.
While recovery may be slow due to ongoing uncertainties, the directors believe that strategic adjustments and operational refinements will, in time, strengthen the group’s position and lead to better financial results,
it said.
At the close of trading, BFood’s share price was down by 1.5 sen or 2.88% at 50.5 sen, giving the group a market capitalisation of RM984 million.