FBM KLCI rises as strong Wall St earnings offer bullish outlook
At 9am, the bechmark index was up 2.03 points to 1,522.97, extending its gains from the previous session.
As Malaysian equities continue to retrace sharp losses made earlier in the week, investors remain wary over the onslaught of earnings announcements from US corporations as the results period hits full stride.
"Range bound trading should persist pending more significant local catalysts, with investors paying close attention to earnings results from major US tech companies due later this week," said TA Securities in its market commentary.
Malacca Securities is projecting a stronger performance from local technology players - especially in electrical and electronics, and electronics manufacturing services - following TSMC's stronger-than-expected quarterly results.
The positive spillover effect builds on the resumption of chip sales to China, it said.
Among the leading gainers, MPI rose 38 sen to RM20, Kuala Lumpur Kepong gained 14 sen to RM20.30 and Gamuda rose 12 sen to RM5.27.
In the spotlight, mechanical and engineering services firm Enproserve made its debut on the ACE Market with a 5.5 sen increase to 29.5 sen after 31.61 million shares done.
NexG remained heavily traded, rising 0.5 sen to 49.5 sen, while Zetrix AI also remains on investors' radar screens, unchanged at 93.5 sen.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
12 minutes ago
- New Straits Times
Bursa Malaysia slightly firmer at midday on interest in certain heavyweights
KUALA LUMPUR: Bursa Malaysia ended the morning trading session marginally higher, driven by buying interest in selected heavyweight stocks, particularly in the construction and industrial products and services sectors. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.46 points or 0.29 per cent to 1,538.22, from Friday's close of 1,533.76. The benchmark index opened 4.29 points firmer at 1,538.05 and moved between 1,531.28 to 1,539.38 throughout the session. However, the broader market sentiment was slightly negative, with losers outpacing gainers 416 to 396, while 459 counters were unchanged, 1,238 untraded and 44 suspended. Turnover stood at 1.78 billion units worth RM992 million. Malacca Securities said sentiment on Wall Street has improved following recent progress in de-escalating the US-EU trade war, particularly with the new trade deal capping tariffs at 15 per cent. "We believe the positive sentiment may spillover towards stock on the local front, tracking Wall Street's rally. "Given Tenaga Nadiobal Bhd's capital expenditure rollout stretching until year-end and data centre packages expected to be announced over the next two in the second half of 2025," the firm added. Although the recent overnight policy rate cut may directly impact the net interest margin, Malacca Securities said the banking sector commands undemanding valuations. It said the sector is currently trading at an undemanding 10 times price-to-earnings (P/E) ratio, which is notably below its 10-year historical average of 12.2 times. Meanwhile, real estate investment trusts remain attractive given their premium yields over government-backed securities.
The Sun
12 minutes ago
- The Sun
Local authorities issue 14,834 compounds against foreign-owned businesses
KUALA LUMPUR: Local authorities have issued 14,834 compounds against business premises for offences, including illegal licence transfers to foreigners, since 2023, Housing and Local Government Minister Nga Kor Ming said. He added that 2,880 premises were sealed, and 23 business licences revoked. 'The Ministry and PBTs have never allowed foreign nationals to apply for or own hawker licences, grocery stores, eateries, or car workshops,' Nga stressed. Speaking in Parliament, he emphasised that hiring foreigners under hawker licences is prohibited, as the government prioritises Malaysian traders. The enforcement aligns with existing policies like the Hawkers By-Laws, which restrict business licence applications to citizens. Nga confirmed that PBTs conduct regular inspections, especially in areas with high foreigner presence, and confiscate goods from unlicensed foreign traders. Licences are revoked for misuse, with stricter application conditions imposed to curb foreign-owned businesses. Responding to concerns about Malaysians acting as proxies for foreign spouses, Nga urged citizens to uphold the Rukun Negara principles. 'Submit evidence to the ministry for action,' he said. - Bernama
New Straits Times
12 minutes ago
- New Straits Times
Huawei Malaysia, MCL to provide Huawei eKit solutions for SMEs
KUALA LUMPUR: Huawei Technologies (Malaysia) Sdn Bhd has teamed up with MCL Bhd to bring Huawei's eKit solutions to local small and medium enterprises (SMEs). The collaboration aims to address the digitalisation needs of SMEs across various sectors such as offices, hospitality, commercial real estate and retail. MCL will leverage its strong distribution network and in-depth market knowledge to enhance the availability of Huawei eKit solutions. The company will also provide support to local distributors and partners, including hands-on training and a simplified procurement process, to ensure they are well-equipped to cater to SME clients. Huawei eKit, a dedicated brand within the company's distribution business, is built with a modular and scenario-based design that enables partners to customise solutions according to the unique operational needs of SMEs. The brand offers five product series covering various scenarios, including smart devices like the Huawei IdeaHub, integrated wired and wireless connectivity solutions, and IT platforms for data storage. "The partnership with MCL forms a key part of Huawei Malaysia's broader strategy to foster strong collaborations that empower the SME community. "By building a stronger, more agile partner network and delivering simplified, future-ready digital solutions, Huawei Malaysia remains focused on enabling inclusive growth for Malaysian businesses of all sizes," it said.
