Bursa Malaysia Almost Flat In Early Trade
By Anas Abu Hassan
KUALA LUMPUR, May 15 (Bernama) -- Bursa Malaysia opened almost flat in early trade today amid mixed reactions from Wall Street's performance overnight as investors took a breather ahead of corporate earnings results.
At 9.12 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.84 of-a-point or 0.05 per cent to 1,584.35 from Wednesday's close of 1,583.51.
The benchmark index opened 0.76 of-a-point easier at 1,582.75.
Meanwhile, market breadth was positive with 249 gainers outnumbering 147 losers, 322 counters were unchanged, 1,676 untraded and seven suspended.
Turnover stood at 295.83 million shares valued at RM122.6 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street closed mixed as US market players shift their focus on earnings results primarily from the big technology companies that helped support the Nasdaq.
On the home front, he said the FBM KLCI might see some continuing bargain-hunting activities, especially by foreign funds as illustrated from the net foreign inflows of almost RM935 million over the past two days.
'As such, we believe the index may re-test the 1,600 mark soon and expect it to hover within the 1,580-1,590 range today,' he told Bernama.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
37 minutes ago
- Barnama
Traders May Use Subsidised LPG Until Regulation Amendments Finalised
GENERAL PUTRAJAYA, June 5 (Bernama) -- Micro and small-scale traders in the food and beverage sector may continue using subsidised liquefied petroleum gas (LPG) cylinders without a special permit until the amendments to the Control of Supplies Regulations (PPKB) 2021 are finalised this October. Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said no legal action will be taken against this group of traders during the transition period. 'Small and micro food and beverage traders will be allowed to obtain supplies of subsidised LPG cylinders without the need for a scheduled controlled goods permit,' he told a press conference here. He said the Cabinet, in its meeting today, agreed to the ministry's proposal to amend the regulations, which initially came into effect on Oct 15, 2021, under the previous administration. Armizan added that the amendments would, among others, take into account the specific needs of micro and small-scale food and beverage traders, while also ensuring legal clarity in terms of compliance and enforcement. Armizan said the ministry aims to finalise the amendments once Op Gasak concludes on Oct 31. He added that enforcement against leakages involving illegal decanting activities and misuse by industrial users under Op Gasak would continue. 'The Op Gasak report will serve as a basis for us to determine the way forward in ensuring we have suitable legal provisions that are clear and take into account the needs of those providing services to the public, especially food and beverage businesses,' he said. He added that the amendment process will be coordinated through a technical committee established on May 1, chaired by the ministry's secretary-general, and involving relevant ministries and agencies.
New Straits Times
an hour ago
- New Straits Times
T7 Global proposes sweeping share plan, includes directors and family members
KUALA LUMPUR: T7 Global Bhd is seeking shareholder approval for a sweeping new long-term incentive plan (LTIP) that would allow it to issue or transfer shares equivalent to up to 15 per cent of its issued capital. The proposed LTIP includes allocations to all directors, the group chief executive officer (CEO) and several family members, according to a shareholder circular filed with Bursa Malaysia today. The plan is intended to replace a dormant employee share option scheme (ESOS) launched in 2017, under which not a single option was granted over its eight-year lifespan. T7 Global now proposes to terminate that scheme early and introduce a broader plan comprising not only stock options but also outright share grants, awarded with no cash payment required from recipients. Among the proposed recipients are executive chairman Tan Sri Nik Norzrul Thani, group CEO Tan Kay Zhuin and directors Tan Kay Vin and Tan Kay Shen, who are sons of T7 Global's major shareholder Tan Sri Tan Kean Soon. Their mother, Puan Sri Shirley Law, who is senior vice president of group support services, is also listed as a recipient. Also named is their uncle, Datuk Tan Kean Seng, deputy head of the Industrial Solutions Division. The LTIP, to be voted on at an extraordinary general meeting (EGM) on June 24, could see the company issuing as many as 175 million new shares, depending on how the plan is executed. While the ESOS component may generate working capital upon exercise, the share grant plan (SGP) would award shares at no cost to recipients, effectively diluting existing shareholders without raising funds. The board is also seeking shareholder approval to waive pre-emptive rights under Section 85 of the Companies Act, which would allow new shares issued under the LTIP to bypass existing shareholders. The proposal comes as T7 Global's share price has fallen sharply, tumbling more than 50 per cent, from a high of 53.5 sen in June 2024 to 26 sen in May 2025. This followed a private placement exercise completed in October 2024 that raised RM42.9 million and expanded the company's share base by over 81 million shares. Despite the timing, the company said the LTIP is necessary to retain and motivate key personnel, align management interests with shareholders and attract new talent. "The allocations to independent and non-executive directors are subject to vesting conditions and do not compromise their ability to act in the best interests of the company," it said in the circular. Still, the breadth of the proposal, extending to board members, C-suite executives and their relatives, may raise questions around governance, oversight and the concentration of incentives within a small circle of insiders. If approved, the plan will be in force for 10 years, with an LTIP committee appointed by the board having wide discretion over how shares are awarded, vested and priced. The exercise price for stock options may carry a discount of up to 10 per cent to the prevailing market price, while shares granted under the SGP would be based on the same reference but awarded free of charge. Bursa Malaysia has approved the plan in principle, subject to several conditions. Shareholders will vote on the resolution at T7 Global's EGM on June 24. Shares of T7 Global closed half a sen, or two per cent, higher at 25.5 sen, with 5.12 million shares traded. This valued the company at RM230.15 million.
Barnama
an hour ago
- Barnama
Japan Convenience Store Chains Start Selling Gov't Stockpiled Rice
TOKYO, June 5 (Bernama-Kyodo) -- Two major convenience store chains in Japan began selling government-released stockpiled rice at select stores in Tokyo and Osaka on Thursday, joining major supermarkets and e-commerce platforms in a move to increase availability of the staple food for consumers struggling with soaring rice prices, Kyodo News Agency reported. The outlets of Family Mart Co. and Lawson Inc. will sell the rice from the 2021 harvest in small portions to make it affordable for people, including those living alone. While many other retailers sell it in bags of five kilograms (kg) for about 2,000 yen (US$14), Family Mart sets the price of its one kg package at 388 yen, and Lawson's is at 389 yen and 756 yen for two kg. Both will limit their sales to one package per customer.
