MARKET PULSE PM JUNE 23, 2025 [WATCH]

KUALA LUMPUR: News on stock, crypto and ringgit moves.
Bursa Malaysia rebounded sharply to end higher, lifted by bargain hunting and steady local investor interest.
The Energy sector led gains as Iran's threat to block the Strait of Hormuz in response to US strikes raised concerns over global oil and gas supply disruptions.
Meanwhile, the ringgit eased against the greenback, settling at 4.2880.
In the crypto market, Bitcoin rose to RM437,400.
Ethereum also climbed to RM9,686, while Solana inched up to RM576.
That wraps up today's Market Pulse.

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US investor strikes $1 billion merger to create bitcoin treasury company

FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration/File Photo BOSTON (Reuters) -U.S. investor and entrepreneur Anthony Pompliano announced on Monday the creation of a new bitcoin treasury company that would hold up to $1 billion of the world's largest cryptocurrency on its balance sheet. Pompliano said in a statement that his financialservices firm ProCap BTC would merge with Columbus Circle Capital I, a special purpose acquisition company, to create ProCap Financial,a bitcoin treasury firm. Several public companies have employed bitcoin treasury strategies, which involves allocating a portion of their cash and reserves toward bitcoin, to replicate the success of software company Strategy, which began accumulating bitcoin in 2020 and now holds more than $63 billion worth of the digital token. The trend comes as U.S. President Donald Trump has sought to overhaul cryptocurrency policy, including calls to establish a strategic bitcoin reserve, after courting cash from the industry on the campaign trail. Pompliano, one of the biggest investors in the crypto space over the last several years,said ProCap BTC has raised $500 million in equity and $250 million in a convertible note, in what he termed the largest initial fundraising in history for a bitcoin treasury company. Unlike traditional bitcoin treasury companies, Pompliano said ProCap Financial would use its bitcoin balance sheet to generate revenue and profit through a variety of strategies, including lending, derivatives, and other products and services. He also said leading institutional investors Citadel, Susquehanna, Jane Street, and Magnetar have committed capital, as have crypto firms Off the Chain Capital, Pantera, Coinfund, Parafi, and FalconX. Reuters was unable to verify whether these companieswere investing in ProCap Financial. "The legacy financial system is being disrupted by bitcoin right before our eyes," Pompliano said. "Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate sustainable revenue and profits from our bitcoin holdings." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Saad Sayeed)

New Straits Times

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MARKET PULSE PM JUNE 23, 2025 [WATCH]

KUALA LUMPUR: News on stock, crypto and ringgit moves. Bursa Malaysia rebounded sharply to end higher, lifted by bargain hunting and steady local investor interest. The Energy sector led gains as Iran's threat to block the Strait of Hormuz in response to US strikes raised concerns over global oil and gas supply disruptions. Meanwhile, the ringgit eased against the greenback, settling at 4.2880. In the crypto market, Bitcoin rose to RM437,400. Ethereum also climbed to RM9,686, while Solana inched up to RM576. That wraps up today's Market Pulse.

New Straits Times

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Bursa Malaysia rebounds to close at day's high on bargain hunting

KUALA LUMPUR: Bursa Malaysia reversed its morning losses to close higher, supported by bargain hunting and sustained local investor interest. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.87 points, or 0.92 per cent, to 1,516.61 from Friday's close of 1,502.74. The index opened 9.55 points lower at 1,493.19 and fell as low as 1,488.89 in the morning session before trending up to close at its intraday high. The broader market, however, was negative, with losers outpacing gainers 697 to 274, while 490 counters were unchanged, 932 untraded and 41 suspended. Turnover surged to 3.09 billion units worth RM1.91 billion against 2.6 billion units worth RM3.37 billion on Friday. UOB Kay Hian Wealth Advisors Sdn Bhd investment research head Mohd Sedek Jantan said the FBM KLCI recovered from an early dip below a key psychological level as markets reacted impulsively to the United States' strikes on three Iranian nuclear facilities over the weekend. He noted that while the initial sell-off reflected heightened geopolitical anxiety, the index rebounded strongly, supported by bargain hunting and sustained local investor interest. "Historically, markets tend to absorb such shocks relatively quickly, with the direct impact of geopolitical risks often proving short-lived," he told Business Times. Sedek added that the ongoing Iran-Israel conflict has led to a spike in global oil prices, but the immediate pass-through to domestic inflation remains limited. Meanwhile, he said, export-oriented stocks may derive temporary support from a strengthening ringgit, as currency appreciation can lower import costs and reflect greater investor confidence. "However, this advantage may be offset if global demand slows or trade orders are delayed—developments that could weigh on revenue visibility and corporate earnings in the coming quarters," he said. Even though the ringgit was slightly weaker today, Sedek said the exchange rate is still considered stronger compared to last year's average.