Markets

GIIB Holdings Bhd said it is considering a potential investment in a healthcare-related business, following a query from Bursa Malaysia over unusual trading activity in its shares.

The group said the proposal is still at a preliminary stage, with key terms yet to be finalised, and that it will make further announcements if there are any material developments.

It added that it is not aware of any other undisclosed corporate developments or specific rumours that could explain the sharp rise in its share price.

The response came after the stock surged as much as 50% intraday before closing 45.45% higher at 16 sen, a more than four-year high, with 56.8 million shares traded, making it among the most active counters on the exchange.

The rally comes despite auditors recently flagging a material uncertainty related to the group’s ability to continue as a going concern, citing losses, negative operating cash flow and a mismatch between short-term liabilities and assets. 

The auditors also issued a qualified opinion on its FY2025 financial statements, including concerns over the deconsolidation of its glove unit and recoverability of certain balances. — TMR

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KUALA LUMPUR — Bursa Malaysia ended at an intraday high on broad-based buying, reflecting improving sentiment on the local front, analysts said.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices also ended higher, supported by strong gains in AI-related and technology stocks, as investors continued to rotate into growth sectors amid improving global risk appetite. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 17.75 points, or 1.03 per cent, to close at 1,739.77 from Thursday’s close of 1,722.02.

The benchmark index, which opened 6.72 points firmer at 1,728.74, hit its lowest level of 1,725.01 in early trade before gaining momentum for the rest of the day.

Market breadth was positive with gainers leading losers 668 to 494. A total of 582 counters were unchanged, 877 were untraded, and 24 were suspended.

Turnover increased to 3.05 billion units worth RM2.55 billion compared with 2.91 billion units worth RM3.21 billion on Thursday.

Thong remains cautiously optimistic on the local market, supported by selective accumulation in blue chips and the improving market tone.

“However, sentiment is likely to stay measured as geopolitical tensions in West Asia remain unresolved and could lead to sudden shifts in market direction,” he told Bernama.

Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said Malaysia Manufacturing PMI, which reached a four-year high, points to a strengthening in underlying activity and, more importantly, an improvement in business confidence.

“This suggests the recovery is becoming more durable rather than purely cyclical, supporting a rotation into mid and small-cap segments that are more leveraged to domestic demand,” he said.

Furthermore, he said the firmer tone was underpinned by improving global risk sentiment following strong earnings delivery from the US technology sector, which continues to reinforce confidence in the resilience of the global earnings cycle.

Among heavyweights, Maybank rose 20 sen to RM11.28, Public Bank added seven sen to RM4.75, Tenaga Nasional gained 26 sen to RM14.80, CIMB increased three sen to RM7.69, and IHH Healthcare climbed five sen to RM8.87.

On the most active list, Zetrix AI gained four sen to 86 sen, Pegasus was flat at half-a-sen, Malaysian Resources Corp rose two sen to 36.5 sen, GIIB was five sen firmer at 16 sen, and VS Industry shed half-a-sen to 20.5 sen. 

Among the top gainers, Malaysian Pacific Industries garnered RM1.38 to RM38.0, Hong Leong Industries gained 38 sen to RM17.70, KESM increased 32 sen to RM4.40, and Vitrox jumped 31 sen to RM5.76.

Among the top losers, Nestle slipped RM4.60 to RM103.80, Fraser & Neave dropped RM1.28 to RM30.02, United Plantations slid RM1.22 to RM30.52, and PPB eased 26 sen to RM11.26.

On the index board, the FBM Emas Index surged 124.02 points to 12,847.77, the FBM Top 100 Index soared 128.21 points to 12,689.04, the FBM Emas Shariah Index increased 106.09 points to 12,824.45, the FBM Mid 70 Index leapt 179.24 points to 18,265.21, and the FBM ACE Index perked up 17.95 points to 4,636.06.

By sector, the Energy Index fell 2.96 points to 837.71, the Financial Services Index soared 205.29 points to 20,090.32, while the Industrial Products and Services Index eased 0.09 of-a-point to 196.22, and the Plantation Index climbed 34.46 points to 8,973.77.

The Main Market volume slipped to 1.74 billion units valued at RM2.27 billion from 1.83 billion units valued at RM2.99 billion on Thursday.   

Warrants turnover expanded to 918.52 million units worth RM146.22 million from 771.93 million units worth RM101.99 million previously.  

The ACE Market volume increased to 388.84 million units valued at RM132.46 million from 308.47 million units valued at RM114.03 million last Thursday.

Consumer products and services counters accounted for 170.83 million shares traded on the Main Market, industrial products and services (387.21 million), construction (165.91 million), technology (346.47 million), financial services (49.70 million), property (318.86 million), plantation (31.68 million), real estate investment trusts (17.47 million), closed-end fund (18,400), energy (83.55 million), healthcare (58.78 million), telecommunications and media (34.32 million), transportation and logistics (37.19 million), utilities (41.45 million), and business trusts (31,800). — BERNAMA

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AN independent adviser has recommended shareholders of Concrete Engineering Products Bhd accept the RM2.60 per share takeover offer by YTL Cement Bhd, describing it as “fair” and “reasonable”.

Mercury Securities said the offer is fair as it represents a 46.9% premium to the company’s revalued net assets (RNAV) of RM1.77 per share, and reasonable given the stock’s relative illiquidity. 

The offer also carries a 122.2% premium to its latest net asset value of RM1.17 and a 39% to 96.2% premium over its five-day to one-year volume-weighted average prices.

The adviser noted Concrete Engineering’s low trading liquidity, with average monthly volume at 0.53% of free float shares versus 7.1% for the Bursa Malaysia Industrial Production Index.

The mandatory offer was triggered after YTL Cement Bhd acquired a 53.49% stake in April for RM103.79 million from several vendors, including Inch Kenneth Kajang Rubber PLC and Datuk Dr Che Muhamad Fasir Samsudin and his son.

The offer opened on April 22 and will close on May 13, unless extended or revised.

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MAXIM Global Bhd has received a mandatory takeover offer of 24 sen per share from its MD Tan Sri Gan Seong Liam, following his acquisition of a 15.54% stake for RM27.42 million.

The offer price represents an 11.11% discount to the last traded price of 27 sen on April 30 and is below the stock’s volume-weighted average prices over various periods.

The acquisition lifted Gan’s direct stake in Maxim Global Bhd to 37.33%, with his total deemed interest, including holdings by his children, rising to 60.37%. 

This triggered a mandatory general offer under listing rules, potentially costing nearly RM70 million to acquire the remaining 39.63% stake.

Gan, along with joint offerors Gan Kuok Chyuan and Gan Kuok Wei, intends to maintain the company’s Main Market listing.

Operationally, Maxim Global has remained profitable, reporting a net profit of RM33.44 million on revenue of RM443.78 million for FY2025.

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BURSA MALAYSIA opened higher on the first trading day of May, supported by continued net foreign inflows and bolstered by the International Monetary Fund’s (IMF) upbeat outlook on Malaysia’s economic prospects.

At 9.10 am, the FTSE Bursa Malaysia KLCI rose 8.82 points, or 0.51 per cent, to 1,730.84 from Thursday’s close of 1,722.02. The benchmark index opened 6.72 points firmer at 1,728.74.

Market breadth was positive, with gainers leading losers 313 to 154. A total of 365 counters were unchanged, 1,789 untraded and 24 suspended.

Turnover stood at 177.02 million shares worth RM90.92 million.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Wall Street ended on mixed note as the S&P 500 touched another record high, spearheaded by technology stocks following earnings reports.

This is despite crude oil prices remaining elevated amid the uncertainty overhanging the negotiations between the US and Iran.

On the domestic front, he believes foreign funds will maintain its net inflows, underscored by the IMF’s recent positive outlook on the country’s economy.

“As such, we anticipate the index to hover within the 1,720-1,735 range today,” he said.

Among heavyweights, Maybank added six sen to RM11.14, Public Bank, CIMB and IHH Healthcare all rose five sen to RM4.73, RM7.71 and RM8.87 respectively. Tenaga Nasional was flat at RM14.54.

On the most active list, SMRT increased 1.5 sen to 18 sen, GIIB added 4.5 sen to 15.5 sen, Nova fell half a sen to five sen, AirAsia gained three sen to RM1.23 and Malaysian Resources rose half a sen to 3.5 sen.

Among the top gainers, Malaysian Pacific increased RM1.58 to RM38.20, KESM rose 27 sen to RM4.35, while United Plantations and Petronas Dagangan added 26 sen each to RM32 and RM20.44. 

Among the top losers, Nestle slipped 20 sen to RM108.20, Petronas Chemicals inched down 18 sen to RM5.74, PPB fell 16 sen to RM11.36, Southern Acids decreased 15 sen to RM3.05 and Hibiscus Petroleum was five sen weaker at RM2.15.

On the index board, the FBM Emas Index added 71.31 points to 12,795.06, the FBM Top 100 Index strengthened 72.58 points to 12,633.41, the FBM Emas Shariah Index increased 61.31 points to 12,779.68, the FBM Mid 70 Index soared 140.02 points to 18,226.0, and the FBM ACE Index rose 3.22 points to 4,621.33.

By sector, the Energy Index dropped 4.58 points to 836.09, while the Financial Services Index jumped 131.57 points to 20,016.60. The Industrial Products and Services Index eased 0.09 of a point to 196.22 and the Plantation Index rose 66.08 points to 9,005.39. — BERNAMA

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FOREIGN institutions extended their net selling streak on Bursa Malaysia to a third consecutive week for the period ended May 1, with total outflows amounting to RM85.1 million.

The selling was primarily concentrated in Tenaga Nasional Bhd (TNB), Malayan Banking Bhd (Maybank), Westports Holdings Bhd and IHH Healthcare Bhd.

In contrast, local institutional investors maintained their net buying position for a third straight week, albeit at a modest pace, recording inflows of RM2.2 million. Buying interest was led by Frontken Corp Bhd, alongside Tenaga Nasional, Westports and Petronas Chemicals Group Bhd.

Retail investors, meanwhile, reversed course after two consecutive weeks of net selling, registering net inflows of RM82.8 million, according to MBSB Research’s fund flow report for the week.

In terms of trading activity, average daily trading volume (ADTV) showed a mixed trend. Retail participation edged down by 1.0%, while local institutional activity rose by 13.9%. Foreign investors also recorded a 6.8% increase in trading volume during the period. — TMR

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BURSA Malaysia Bhd’s 1Q26 core net profit of RM72.38m (+5.6% year-on-year (YoY), +18.8% quarter-on-quarter (QoQ)) aligned with expectations, at 25% of both our and consensus forecasts. Market momentum stayed resilient in Apr 2026, with average daily value (ADV) at RM3.195b despite elevated risk aversion. If sustained, this level of activity should anchor our FY26F net profit forecast of RM290.8m. We reiterate our Hold call on Bursa Malaysia with an unchanged target price of RM9.00. This valuation is premised on a 25x price earnings ratio multiple on FY26F earnings per share. — CIMB Securities Sdn Bhd (May 4, 2025)

(Calls by analysts tracked by Bloomberg: 9 Buy, 7 Hold, 2 Sell; Consensus target price: RM9.56)

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US stock futures rose and oil fell as improving risk sentiment was buoyed by prospects of shipping resuming through the Strait of Hormuz and progress toward a US-Iran deal.

S&P 500 Index futures gained 0.2% after the underlying gauge closed at a record high on Friday. Contracts for the Nasdaq 100 Index also advanced. Brent crude declined 2% in early trading Monday, while the dollar edged lower against most major peers. Japanese markets are shut for a holiday Monday.

President Donald Trump said the US will begin guiding ships not involved in the Iran conflict through the Strait of Hormuz from Monday, and described discussions with Tehran as “very positive” after it received Washington’s response to its latest proposal to end the war. The steps may pave the way for smoother energy flows and a potential deal, even as uncertainty over the conflict persists.

“The devil is always in the detail, but is a positive signal as it shows both parties are willing to find common ground,” said Rodrigo Catril, a strategist at National Australia Bank in Sydney. Whether the positive sentiment lasts “is hard to tell. We have been here before,” he said.

Iran’s proposal called for a complete end to the conflict within 30 days along with guarantees against renewed strikes, the semi-official Tasnim News Agency reported. The plan reiterates Tehran’s earlier demands, including that US forces withdraw from near Iran, a maritime blockade be lifted, sanctions removed and reparations paid, it said. On Sunday, Iran said it received the US response to its plan via Pakistan, and is reviewing it. 

The latest headlines add to the month-long surge in risky assets as traders mostly set aside concern about the economic fallout from the hostilities, with signs of corporate resilience driving stocks to their best month since 2020. 

The S&P 500 and Nasdaq 100 ended April at highs with about 81% of the S&P 500’s companies having beat first-quarter earnings estimates, according to data compiled by Bloomberg. Emerging market equities notched a fresh record high toward the end of April while a gauge of Asian stocks have almost recouped their war-driven losses. — BLOOMBERG

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KUALA LUMPUR — Last-minute buying lifted Bursa Malaysia’s benchmark index, reversing earlier losses as higher oil prices boosted sentiment for energy- and chemical-related counters.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regional markets remained under pressure following negative cues from Wall Street, compounded by surging oil prices, mixed earnings, and a cautious US Federal Reserve stance.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 1.60 points, or 0.09 per cent, to 1,722.02 from Wednesday’s close of 1,720.42.

The benchmark index opened marginally lower at 1,720.23 and moved between a low of 1,712.14 and a high of 1,722.03 throughout the day.

Market breadth, however, was negative, with losers trouncing gainers 816 to 360. A total of 546 counters were unchanged, 950 were untraded, and 77 were suspended.

Turnover declined to 2.91 billion units worth RM3.21 billion compared with 3.63 billion units worth RM3.13 billion on Wednesday.

Regionally, Singapore’s Straits Times Index increased 1.06 per cent to 4,912.69, Japan’s Nikkei 225 tumbled 1.06 per cent to 59,284.92, Hong Kong’s Hang Seng Index slipped 1.28 per cent to 25,776.53, and South Korea’s KOSPI dipped 1.38 per cent to 6,598.87.

Thong said Brent crude continued to hover above US$120 per barrel amid the ongoing closure of the Strait of Hormuz.

It was reported that US President Donald Trump warned Iran that the US naval blockade at the Strait of Hormuz could last months. 

Among heavyweights, Maybank gained four sen to RM11.08, and IHH Healthcare was one sen higher at RM8.82. Public Bank fell seven sen to RM4.68, Tenaga Nasional dropped six sen to RM14.54, and CIMB lost three sen to RM7.66.

On the most active list, Zetrix AI shaved off 3.5 sen to 82 sen, Econpile slid two sen to 14.5 sen, and UEM Sunrise trimmed four sen to 64.5 sen. Borneo Oil inched up half-a-sen to one sen while VS Industry was flat at 21 sen.

Among the top gainers, Nestle advanced RM5.50 to RM108.40, KL Kepong increased 66 sen to RM21.22, LPI jumped 44 sen to RM14.84, Petronas Chemicals rose 26 sen to RM5.92, and MISC garnered 24 sen to RM8.37.

Among the top losers, MPI dipped RM1.38 to RM36.62, United Plantations slipped 26 sen to RM31.74, Fraser & Neave dropped 22 sen to RM31.30, Hong Leong Bank sank 20 sen to RM22.26, and Sunway Construction shed 18 sen to RM6.85.

On the index board, the FBM Emas Index slid 19.46 points to 12,723.74, the FBM Top 100 Index declined 10.79 points to 12,560.83, the FBM Emas Shariah Index gained 10.52 points to 12,718.36, the FBM Mid 70 Index slumped 112.12 points to 18,085.97, and the FBM ACE Index slipped 45.38 points to 4,618.11.

By sector, the Energy Index slid 4.39 points to 840.67, the Financial Services Index fell 99.78 points to 19,885.03, while the Industrial Products and Services Index gained 1.18 points to 196.31, and the Plantation Index soared 121.52 points to 8,939.31.

The Main Market volume slid to 1.83 billion units valued at RM2.99 billion from 2.23 billion units valued at RM2.86 billion on Wednesday.   

Warrants turnover tumbled to 771.93 million units worth RM101.99 million from 1.05 billion units worth RM134.02 million previously.  

The ACE Market volume slipped to 308.47 million units valued at RM114.03 million from 342.76 million units valued at RM131.74 million yesterday.

Consumer products and services counters accounted for 190.39 million shares traded on the Main Market, industrial products and services (355.60 million), construction (199.23 million), technology (307.26 million), financial services (70.78 million), property (229.75 million), plantation (42.70 million), real estate investment trusts (17.28 million), closed-end fund (18,100), energy (161.07 million), healthcare (90.04 million), telecommunications and media (45.70 million), transportation and logistics (80.50 million), utilities (47.41 million), and business trusts (10,783).

Meanwhile, Bursa Malaysia and its subsidiaries will be closed on May 1, 2026, in conjunction with the Labour Day public holiday.

The stock exchange and its subsidiaries will resume operations on May 4, 2026. —- BERNAMA

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MITRAJAYA Holdings Bhd said Mitrajaya Trading Sdn Bhd (MTSB) has emerged as a new substantial shareholder after acquiring a 38.67% stake in the construction group.

In a Bursa Malaysia filing, the company said MTSB acquired 281.65 million shares from executive chairman Tan Eng Piow on April 29.

MTSB is a private Malaysian company incorporated in 1990 and wholly owned by Tan, with its board comprising Tan and his daughter Tan Mei Yin. It is principally involved in construction materials trading and property rental.

The company also said MTSB has obtained an exemption from the Securities Commission Malaysia from undertaking a mandatory general offer following the share transfer, including for persons acting in concert. — TMR

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