Markets

SHARES in Tanco Holdings Bhd fell as much as 16.4% today to a two-month low of 78.5 sen, prompting a halt in intraday short selling (IDSS) for the rest of the day.

The property and hospitality group’s stock later pared losses to close 9 sen or 9.57% lower at 85 sen, valuing the company at RM5.19 billion.

Trading volume surged to 81.46 million shares, more than twice its 200-day moving average of 38.4 million, making Tanco one of the most active and biggest losers on Bursa Malaysia.

According to the exchange filing, IDSS for Tanco will resume at 8.30am tomorrow. –TMR

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PJBumi Bhd said it is unaware of any undisclosed corporate developments, rumours or reports that could explain the recent plunge in its share price.

The engineering firm’s stock tumbled nearly 30% today to RM1.77, its steepest one-day decline in over two years, extending its two-day loss to 36%.

It was the top loser on Bursa Malaysia, valuing the company at RM145.14 million.

Responding to an unusual market activity (UMA) query from the bourse, PJBumi said its board could not identify any other possible explanation for the unusual trading activity.

Despite the selloff, the counter remains up more than 100% year to date, supported by a string of contract wins, mainly in Indonesia, including an oil and gas well maintenance deal announced on Oct 27 involving PT Pertamina and PT Petro Papua Mogoi Wasian. –TMR

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BURSA Malaysia has issued an unusual market activity (UMA) query to NexG Bhd, formerly known as Datasonic Group Bhd, after its shares plunged 20% to a six-month low of 28 sen today amid a sharp spike in trading volume.

The counter saw 193.74 million shares traded – 6.7 times its 200-day average  – making it the most active stock of the day and one of the top losers by percentage.

Bursa asked NexG to clarify if there were any undisclosed corporate developments or rumours behind the sharp fall.

The company has yet to respond at the time of writing.

The supplier of Malaysian passport booklets and identity cards recently secured government contracts worth a cumulative RM2.5 billion but also saw four directors resign in mid-October as part of a leadership transition. –TMR

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KUALA LUMPUR — Bursa Malaysia bucked the downbeat regional trend to close marginally higher on Tuesday, amid continued buying interest in selected heavyweights led by financial services counters.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.08 points, or 0.07 per cent, to 1,623.50 from Monday’s close of 1,622.42.

The benchmark index opened 1.20 points lower at 1,621.22, its lowest level for the day, and hit its highest level of 1,630.91 in the mid-morning session.

However, market breadth was negative with 905 losers thumping 321 gainers, while 511 counters were unchanged, 910 untraded, and 13 suspended.

Turnover rose to 3.59 billion units worth RM2.65 billion compared with 3.25 billion units worth RM2.48 billion on Monday.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said, while the financial services counters remained the main driver supporting the benchmark index, broader market participation was mixed as investors turned increasingly selective ahead of key global data releases.

“Globally, market volatility eased slightly as investors adjusted to the ongoing United States government shutdown, which continues to delay several key economic data releases, including the US Job Opening and Labour Turnover Survey (JOLTS) and potentially Friday’s Non-farm payrolls.

“Global sentiment will likely hinge on how these data shape expectations for the US Federal Reserve’s policy path and the broader risk environment,” he told Bernama.

Meanwhile, across the region, most Asian markets closed lower as investor sentiment remained cautious amid concerns that the rally in artificial intelligence and technology-related stocks may be running ahead of fundamentals.

“The sharp rise in tech valuations has raised fears of a potential bubble, leaving regional markets vulnerable to corrections in US tech shares, given their close correlation with global risk appetite,” he said.

Among other heavyweights, Maybank was unchanged at RM9.95, Public Bank gained two sen to RM4.26, CIMB Group added 13 sen to RM7.55, while Tenaga Nasional slipped four sen to RM13.30, and IHH Healthcare fell seven sen to RM8.28.

On the most active list, NexG lost seven sen to 28 sen, MMAG slid 4.5 sen to 14 sen, Tanco fell nine sen to 85 sen, V.S. Industry dipped two sen to 46.5 sen, while Genting Malaysia was flat at RM2.34.

Top gainers included Hong Leong Bank which garnered 32 sen to RM21.24, Fraser & Neave climbed 26 sen to RM28.18, Kuala Lumpur Kepong bagged 22 sen to RM21, PPB Group advanced 20 sen to RM11.50,  and Hong Leong Financial put on 18 sen to RM17.22.

Among top losers, PJBumi tumbled 75 sen to RM1.77, Chin Teck Plantations was 56 sen lower at RM10.42,  Malaysian Pacific Industries dipped 44 sen to RM30.56, Allianz Malaysia trimmed 28 sen to RM18.02, and Nestle decreased 20 sen to RM113.

On the index board, the FBMT 100 Index erased 17.51 points to 11,811.05, the FBM Emas Index fell 28.84 points to 12,054.16, and the FBM Emas Shariah Index declined 79.67 points to 12,055.43.

The FBM ACE Index dropped 95.68 points to 5,076.09 and the FBM Mid 70 Index lost 135.64 points to 16,890.00.

By sector, the Financial Services Index jumped 141.76 points to 18,451.42, while the Plantation Index slipped 27.38 points to 8,024.80, the Industrial Products and Services Index eased 2.48 points to 169.91, and the Energy Index shed 6.64 points to 766.75.

The Main Market volume increased to 1.91 billion units valued at RM2.28 billion from 1.70 billion units valued at RM2.20 billion on Monday.

Warrants turnover dipped to 1.02 billion units worth RM186.45 million compared with 1.05 billion units worth RM131.14 million previously.

The ACE Market volume expanded to 666.89 million units valued at RM180.34 million from 490.56 million units valued at RM144.10 million yesterday.

Consumer products and services counters accounted for 290.61 million shares traded on the Main Market, industrial products and services (368.89 million), construction (126.72 million), technology (486.34 million), financial services (66.38 million), property (268.42 million), plantation (27.70 million), real estate investment trusts (14.18 million), closed-end fund (209,300), energy (100 million), healthcare (68.10 million), telecommunications and media (37.18 million), transportation and logistics (24.99 million), utilities (25.81 million), and business trusts (385,200). — BERNAMA

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ORKIM Bhd has signed a retail underwriting agreement with CIMB Investment Bank, RHB Investment Bank, and Affin Hwang Investment Bank ahead of its initial public offering (IPO) and listing on Bursa Malaysia’s Main Market before year-end.

The IPO comprises 400 million shares – 300 million existing shares and 100 million new shares – with 372 million offered to institutional investors and 28 million to retail investors.

Its ED and CEO Captain Cheah Sin Bi said the signing marks “another important step in Orkim’s transformation journey,” adding that the company remains focused on operational excellence and disciplined growth.

CIMB CEO Nor Masliza Sulaiman described Orkim as “a home-grown success with tangible assets, resilient cash flows and disciplined execution,” while RHB CEO Kevin Davies and Affin Hwang COO Hishamuddin Hud Ibrahim expressed confidence in the group’s strong fundamentals and long-standing track record in marine transportation.

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WASCO Greenergy Bhd, the renewable energy arm of Wasco Bhd, has signed an underwriting agreement with CIMB Investment Bank Bhd and Maybank Investment Bank Bhd for its upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia.

The IPO will comprise up to 150 million shares – 75 million new issue shares and up to 75 million offer-for-sale shares – representing up to 30% of the company’s enlarged share capital. Of this, up to 119.5 million shares will be offered to institutional and selected investors, while 30.5 million shares will be allocated for eligible directors, employees, entitled Wasco shareholders and the Malaysian public.

Greenergy’s 14.5-acre Shah Alam facility serves as its main engineering hub for designing and manufacturing renewable-thermal and bioenergy systems used across industries such as palm oil, oleochemical, paper and industrial parks.

“The signing of this underwriting agreement with CIMB and Maybank IB marks an exciting milestone for Greenergy,” said its CEO Lee Yee Chong. “This IPO represents a new chapter as we look to expand our capabilities and play a stronger role in the region’s renewable energy landscape.”

Greenergy is slated for listing on the Main Market of Bursa Malaysia in December 2025.

CIMB is the principal adviser and managing underwriter, while CIMB and Maybank IB are joint bookrunners and joint underwriters for the IPO.

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POLYMER Link Holdings Bhd has launched its prospectus for a listing on the ACE Market of Bursa Malaysia, aiming to raise RM24.3 million from the issuance of 97.15 million new shares at 25 sen each.

Proceeds will be used mainly for expansion in Australia (RM5 million), working capital (RM6.2 million), capital expenditure (RM3.6 million), bank loan repayment (RM2 million) and listing expenses (RM7.4 million).

Set to debut on Nov 25, Polymer Link, a plastic manufacturer specialising in polymer powder and colour masterbatch for rotational moulding applications, will have a market capitalisation of RM140 million.

Hong Leong Investment Bank Bhd is the principal adviser, sponsor, sole placement agent and underwriter for the IPO.

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BURSA MALAYSIA opened slightly lower but rebounded thereafter on Tuesday, tracking the mixed performance of regional markets and overnight Wall Street.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.78 points, or 0.11 per cent, to 1,624.20 from Monday’s close of 1,622.42.

The benchmark index had opened 1.20 points weaker at 1,621.22.

Market breadth, however, was negative, with decliners outpacing gainers 228 to 156, while 310 counters were unchanged, 1,953 untraded and 13 suspended.

Turnover stood at 228.39 million shares worth RM101.04 million.  

Rakuten Trade Sdn Bhd vice-president of equity research, Thong Pak Leng, said Wall Street closed mixed overnight as artificial intelligence (AI)-related stocks continued to prosper.

He added that Hong Kong’s Hang Seng Index rebounded following recent trade negotiations that appeared to ease tensions between the two superpowers and improve overall investor sentiment.

“Additionally, we expect local institutions to be the main buyers and hope that foreign funds will stay a tad longer. Hence, we anticipate the FBM KLCI to trend between the 1,620 and 1,630 range today,” he told Bernama.

Among the heavyweights, Maybank and CIMB Group advanced four sen each to RM9.99 and RM7.46, respectively. Public Bank added two sen to RM4.26, while Tenaga Nasional and IHH Healthcare were unchanged at RM13.34 and RM8.35, respectively.

On the most active list, Borneo Oil and MMAG were flat at half-a-sen and 18.5 sen, respectively. NexG eased half-a-sen to 34.5 sen, while Perak Transit gained one sen to 32 sen and Dagang Nexchange inched up half-a-sen to 33.5 sen.

Among the top gainers, Fraser & Neave surged 40 sen to RM28.32, Ajinomoto climbed 36 sen to RM13.88, Petronas Dagangan rose 16 sen to RM22.68, KLCC Properties & REITS added nine sen to RM8.79, and United Plantations gained eight sen to RM24.98.

Top losers included Nestle, which shed 90 sen to RM112.30, Batu Kawan, which slid 30 sen to RM19, Malaysian Pacific Industries, which fell 20 sen to RM30.80, Hong Leong Industries, which trimmed 16 sen to RM13.90, and Lim Seong Hai Capital, which eased nine sen to RM2.21.

On the index board, the FBMT 100 Index gained 6.73 points to 11,835.29, and the FBM Emas Index strengthened 5.44 points to 12,088.44.

The FBM Emas Shariah Index fell 10.23 points to 12,124.87, the FBM ACE Index declined 29.44 points to 5,142.33, and the FBM Mid 70 Index decreased 17.49 points to 17,008.15.

By sector, the Financial Services Index grew 69.60 points to 18,379.26, the Plantation Index dipped 20.17 points to 8,032.01, the Industrial Products and Services Index edged down 0.03 of-a-point to 172.36, and the Energy Index eased 1.13 points to 772.26. — BERNAMA

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GOLD steadied as traders digested commentary from Federal Reserve policymakers for clues on the bank’s next move on interest rates.

Bullion was little changed below $4,000 an ounce, after swinging between gains and losses on Monday. Fed Governor Lisa Cook said she saw the risk of further labor-market weakness as greater than the risk that inflation will pick up, but stopped short of endorsing another rate cut next month. Her comments echoed remarks from two of her colleagues, Mary Daly and Austan Goolsbee.

The precious metal rallied to a record midway through last month, before slumping amid concerns that the commodity’s advance had been too swift. Traders are seeking to gauge whether the upswing will resume, with part of the outlook shaped by the Fed as easier US monetary policy makes non-yielding gold more attractive. After delivering two recent rate cuts, policymakers gather next month for their final scheduled meeting of the year.

Gold ended little changed on Monday after China announced on Saturday that some retailers would no longer be able to fully offset a value-added tax on inputs when selling some products. The move has clouded the outlook for demand as it remains unclear what the regulation will look like in practice.

Gold was little changed at $3,996.32 an ounce at 8:13 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat after ending on Monday at the highest level since July. Silver and palladium edged lower, while platinum was steady. –BLOOMBERG

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