Latest news with #RM1.16bil
The Star
12-06-2025
- Business
- The Star
Bursa Malaysia inches up as caution reins in bulls
KUALA LUMPUR: Bursa Malaysia ended the morning session slightly higher, lifted by gains in oil and gas stocks, although overall market sentiment remained cautious amid external uncertainties. At the lunch break, the FBM KLCI rose 2.62 points or 0.17% to 1,526.46, rebounding from an intra-morning low of 1,523.22. Losers outpaced gainers 446 to 278, while 477 counters were unchanged. Turnover stood at 1.6 billion shares worth RM883.6 million. Oil and gas and related stocks were among the top gainers on Bursa Malaysia, buoyed by stronger oil prices amid escalating US-Iran tensions. Hengyuan Refining Co added 11 sen to RM1.71 while Petron Malaysia Refining & Marketing gained 10 sen to RM3.68. Dayang climbed five sen to RM1.90, Hibiscus rose five sen to RM1.55, Dialog added three sen to RM1.53 and Bumi Armada gained 0.5 sen to 48 sen. Other gainers on Bursa Malaysia included PETRONAS Gas, up 16 sen to RM17.86, Chin Tek, up 13 sen to RM8.85, Hong Leong Financial Group, up 12 sen to RM16.70, and Maybank, up nine sen to RM9.79. Among the losers, Hong Leong Industries slid 34 sen to RM13.28, F&N fell 22 sen to RM28.22, Heineken lost 14 sen to RM27.18, and Malaysian Pacific Industries declined 12 sen to RM21.20. Malacca Securities expects the FBM KLCI to trade on a softer tone, mirroring the negative performance on Wall Street. However, the research house remains positive on the construction sector, particularly on SunCon, following its recent RM1.16bil project win, which has boosted its outstanding order book to approximately RM7.9bil — representing a cover ratio of over two times its forecasted FY24 revenue. 'Traders may also focus on the O&G sector amid rising crude oil prices due to escalating geopolitical tension between US-Iran. 'Aside from healthy dividend payouts, we favour Sunway REIT for its active asset acquisition activities and defensive characteristics in weathering economic uncertainties,' Malacca Securities said. Meanwhile, TA Securities expects blue-chip stocks to extend their gains, supported by optimism over easing US-China trade tensions. However, it noted that further upside may be limited by lingering concerns over President Trump's unpredictable trade policies and the absence of clear progress on a US-Malaysia trade agreement. 'Immediate index support stays at 1,490, while stronger supports can be found at 1,465 and 1,444.
The Star
11-06-2025
- Business
- The Star
FBM KLCI rises at midday on U.S.-China trade optimism
KUALA LUMPUR: The FBM KLCI ended the morning session higher, tracking regional gains on signs of progress in U.S.-China trade talks, although upside momentum remained capped amid investor caution. The benchmark index rose 7.36 points, or 0.49%, to 1,524.31, down from its intra-morning high of 1,530.85. Gainers thumped losers at 459 to 364 while 474 counters were unchanged. Turnover stood at almost two billion securities valued at RM1.16bil. Investor sentiment is expected to stay cautious, according to TA Securities, as markets await Wednesday's US CPI data for insights into how President Donald Trump's tariff policies may be driving inflation. 'Immediate index support remains at 1,490, while stronger supports can be found at 1,465 and 1,444. 'Immediate resistance is maintained at 1,564 with the next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead,' TA said. Meanwhile, Hong Leong Investment Bank Research expects the FBM KLCI to trade sideways with a slight upside, supported by US-China trade hopes. However, foreign outflows, US-Malaysia tariff uncertainty, and June's poor historical returns may cap gains. 'Market concerns are further exacerbated by a fragile global trade environment, ongoing macroeconomic headwinds, and the looming risk of domestic subsidy rationalisation in 2H25, as well as the potential repercussions of expanded SST (effect 1 July) - all of which could weigh on Malaysia's growth and corporate earnings visibility,' it added. Among the gainers on Bursa Malaysia, Allianz rose 30 sen to RM19.42, Sunway Construction added 26 sen to RM6.23, Batu Kawan gained 18 sen to RM19.18 and F&N climbed 18 sen to RM27.98. Decliners included Kuala Lumpur Kepong, which fell 32 sen to RM19.64, Country View, down 29 sen to RM2.07, PETRONAS Gas, which lost 26 sen to RM17.68, and Genting Malaysia, which eased 13 sen to RM1.90. Reuters reported China's blue-chip CSI300 Index rose as much as 1.2%, hitting its highest level since May 23. The Hong Kong's benchmark Hang Seng index climbed up to 1%, reaching its strongest level since March 20. The Nikkei 225 Index climbed 0.5% as of the midday break, set for its longest winning streak in about a month.
The Star
29-05-2025
- Business
- The Star
SunCon wins RM1.2bil deal
SunCon said the works are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2025 onwards. PETALING JAYA: Sunway Construction Group Bhd (SunCon) has accepted work orders from a multinational technology company headquartered in the United States in respect of the provision of general contractor works for two data centre projects, worth RM1.16bil. In a filing with Bursa Malaysia, the company said the works are scheduled to commence immediately, with final completion expected by February 2027. 'The works will not have any effect on the share capital and substantial shareholders' shareholding of SunCon as it does not involve any allotment or issuance of new shares by SunCon. 'The works are not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of SunCon for the financial year ending Dec 31, 2025.' However, barring any unforeseen circumstances, SunCon said the works are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2025 onwards. 'As of today, SunCon group's total outstanding order book stands at RM7.9bil. This includes new projects secured to date this year, totaling RM3.5bil, which encompasses the above mentioned works.'
The Star
29-05-2025
- Business
- The Star
SunCon wins RM1.16bil job
PETALING JAYA: Sunway Construction Group Bhd (SunCon) has accepted work orders from a multinational technology company headquartered in the US in respect of the provision of general contractor works for two projects, worth RM1.16bil. In a filing with Bursa Malaysia, the company said the works are scheduled to commence immediately, with final completion expected by February 2027. 'The works will not have any effect on the share capital and substantial shareholders' shareholding of SunCon as it does not involve any allotment or issuance of new shares by SunCon. 'The works are not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of SunCon for the financial year ending Dec 31, 2025.' However, barring any unforeseen circumstances, SunCon said the works are expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2025 onwards. 'As of today, SunCon group's total outstanding order book stands at RM7.9bil. This includes new projects secured to date this year, totaling RM3.5bil, which encompasses the above mentioned works.
