Latest news with #RM2.4bil
The Star
6 hours ago
- Business
- The Star
FBM KLCI slips to intraday low; NationGate falls on MACC raid
KUALA LUMPUR: The FBM KLCI closed at its intraday low on Tuesday, underperforming regional peers as selling pressure and cautious sentiment weighed on the local market, despite broad gains across major Asian bourses. The FBM KLCI slipped 12.11 points, or 0.8%, to close at its intraday low of 1,525.40. It had earlier touched a high of 1,538.56. Today's decline marks the index's biggest drop since it fell 0.82% on July 7. Selling pressure persisted as 601 counters fell while 412 rose, bringing market breadth to 0.14. Decliners outpaced gainers, reflecting a cautious tone in the broader market. Traded volume stood at 3.1 billion shares valued at RM2.4bil. Among the decliners, Heineken slid 40 sen to RM24.50, Malaysian Pacific Industries fell 38 sen to RM20.40, F&N declined 28 sen t RM28.70 and Hong Leong Bank gave up 26 sen to RM19.30. Gainers included Riverview, which rose 15 sen to RM3.00, Master-Pack, which added 12 sen to RM3.15, United Plantations, which gained eight sen to RM21.70, and KPS Consortium , which climbed 7.5 sen to 56.5 sen. NationGate Holdings fell 12 sen, or 7.45%, to RM1.49 with 160.51 million shares traded, making it one of the most active counters on Bursa Malaysia. In a filing with Bursa Malaysia today, Nationgate announced that the Malaysian Anti-Corruption Commission (MACC) had raided the premises of one of its subsidiaries as part of an ongoing investigation into alleged scrap metal smuggling. Earlier in the day, it was reported that the MACC had launched a major operation targeting scrap metal smuggling syndicates across five states, with the illicit activities estimated to have caused over RM950mil in lost tax revenue. NationGate Holdings fell 12 sen, or 7.45%, to RM1.49 with 160.51 million shares traded, making it one of the most active counters on Bursa Malaysia. The Malaysian Anti-Corruption Commission (MACC) has conducted a raid at the premises of a subsidiary of Nationgate as part of an ongoing investigation into allegations of scrap metal smuggling, the company announced in a stock exchange filing today. It was reported earlier today that the MACC has launched a major crackdown on scrap metal smuggling syndicates in five states. These smuggling activities were reported to have resulted in an estimated tax revenue loss of over RM950mil. Meanwhile, the ringgit strengthened 0.29% against the US dollar to 4.2410, and rose 0.3% against the Singapore dollar to 3.3108. In contrast with the local bourse, regional markets ended higher. MSCI's Asia ex-Japan stock index was higher by 1.05%. Japan's Nikkei 225 rose 0.55%, South Korea's Kospi gained 0.41%, Hong Kong's Hang Seng climbed 1.6%, China's CSI 300 edged up 0.035%, and Singapore's Straits Times Index added 0.3%.
The Star
02-07-2025
- Business
- The Star
FBM KLCI extends winning streak, hits one-month high
KUALA LUMPUR: Bursa Malaysia extended its winning streak to a fifth straight session on Wednesday, lifted by blue-chip gains amid mixed regional sentiment. The FBM KLCI rose 8.68 points, or 0.56%, to 1,550.21, its highest level since May 20, and its biggest gain since a 0.92% rise on June 23. Gainers outpaced decliners 531 to 442, while 498 counters were unchanged. A total of 3.1 billion shares changed hands, with a total turnover of RM2.4bil. Malaysian Pacific Industries led the gainers, rising RM1 to RM22.40. PETRONAS Dagangan followed, adding 44 sen to RM21.70, while Heineken gained 28 sen to RM25.50 and PETRONAS Gas rose 26 sen to RM17.76. Among the decliners, Tenaga Nasional lost 30 sen to RM14.60, Peterlabs fell 10 sen to 35 sen, Kuala Lumpur Kepong slid 10 sen to RM20.98 and Amway declined nine sen to RM5.01. Newly listed on the ACE Market, ASM Automation slipped 0.5 sen, or 2.94%, to 16.5 sen, with 51.43 million shares changing hands. Meanwhile, foreign investors continued to buy into local stocks on Tuesday, acquiring RM107mil worth of equities. Local institutions and retailers sold equities worth RM23mil and RM84mil, respectively. On the forex market, the ringgit weakened 0.66% to 4.2257 against the US dollar, retreating after a nine-month high in the previous session. The local unit also slipped 0.4% to 3.3167 against the Singapore dollar. Around the region, MSCI's Asia ex-Japan stock index was higher by 0.14%. Japan's Nikkei 225 closed 0.56% lower at 39,762.48 while South Korea's Kospi closed down 0.47%, at 3,075.06. Hong Kong's Hang Seng Index rose 0.62% to 24,221.41. China's CSI 300 edged up 0.02% to 3,943.68, while the Shanghai Composite slipped 0.08% to 3,454.79.
The Star
30-06-2025
- Business
- The Star
Digital banks grow deposits
PETALING JAYA: Three out of the five licensed digital banks which have begun operations are showing encouraging numbers, but they are unlikely to pose near to medium-term threats to conventional banks, says UOB Kay Hian (UOBKH) Research. The three digital banks which are operational are GXBank, Boost Bank and AEON Bank, while Ryt Bank and KAF Digital Bank remain in the pilot phase and are currently undergoing controlled testing with selected users to fine-tune their platforms ahead of a broader public rollout. There has been a rapid build-up in deposit taking with GX Bank leading in both assets and customer deposits. According to UOBKH Research, as of September 2024, GXBank reported RM2.4bil in total assets and RM2.2bil in deposits. AEON Bank recorded RM711mil in assets and RM339mil in deposits as at November last year, while Boost Bank, which had commenced operations in late first half of 2024, posted RM819mil in assets and RM573mil in deposits as of March 2025. GXBank's rapid deposit traction was driven by aggressive promotional campaigns and market leading saving account deposit rates of up to 3%. However, these initiatives have since been scaled back as the bank transitions into its second year. AEON Bank and Boost Bank similarly launched high-yield savings accounts, although Boost Bank has adopted a more disciplined strategy, maintaining a lower cost of funds at 1.7%, compared with 3% for its peers. 'Despite these encouraging numbers, the combined asset base of all three operational digital banks remains small, collectively accounting for less than 1% of the total banking sector's RM3.7 trillion in assets as of end-April 2025. 'Even at the regulatory cap of RM3bil per digital bank over their first three to five years, the cumulative RM15bil ceiling represents just 0.4% of the industry's current total assets,' said UOBKH Research in report. It noted that the three digital banks remain loss-making and they had guided it could take more than three years on average to break even. At the same time, established banks continue to advance their own digital agendas and retain broader product capabilities and distribution networks. 'Amid external uncertainties, we favour banks with attractive valuations, high provision buffers and capital management potential for added defensiveness. Our top picks are Hong Leong Bank Bhd , Public Bank Bhd and AMMB Holdings Bhd .' It said AMMB stands out for its capital management, supported by strong CET1 ratios, while Hong Leong Bank and Public Bank offer defensiveness in the current volatile environment, trading below mean price-to-book and backed by their solid provision buffers.
The Star
17-06-2025
- Business
- The Star
99 Speed Mart clarifies EPF's stake in the firm
EPF clarified that it had acquired six million shares in the minimart chain operator on June 4 and not 421.79 million shares or a 5.02% stake as previously disclosed on Monday. PETALING JAYA: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in 99 Speed Mart Retail Holdings Bhd after acquiring a 0.07% stake in the company. In an amended filing with Bursa Malaysia, EPF clarified that it had acquired six million shares in the minimart chain operator on June 4 and not 421.79 million shares or a 5.02% stake as previously disclosed on Monday. The 0.07% stake purchase, which raised EPF's stake in 99 Speed Mart to 5.02%, is beyond the 5% threshold required to be deemed a substantial shareholder. In its first quarter ended March 31, 2025, 99 Speed Mart's net profit rose to RM143.18mil from RM133.15mil in the previous corresponding period, while revenue grew to RM2.6bil from RM2.4bil a year earlier. The increase in revenue led to a 11.3% rise in gross profit to RM314.5mil, accompanied by a slight improvement in the gross profit margin.
The Star
10-06-2025
- Business
- The Star
99 Speed Mart clarifies EPF acquired 0.07% stake, raising holding to 5.02%
PETALING JAYA: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in 99 Speed Mart Retail Holdings Bhd after acquiring a 0.07% stake in the company. In an amended filing with Bursa Malaysia, the EPF clarified that it had acquired six million shares in the minimart chain operator on June 4 and not 421.79 million shares or a 5.02% stake as previously disclosed on Monday. The 0.07% stake purchase, which raised the EPF's stake in 99 Speed Mart to 5.02%, is beyond the 5% threshold required to be deemed a substantial shareholder. In its first quarter ended March 31, 2025, 99 Speed Mart's net profit rose to RM143.18mil from RM133.15mil in the previous corresponding period, while revenue grew to RM2.6bil from RM2.4bil a year earlier. The increase in revenue led to a 11.3% rise in gross profit to RM314.5mil, accompanied by a slight improvement in the gross profit margin, mainly due to the increase in promotional discounts and achievement of target incentives during the period.
