logo
Bursa Malaysia ends morning session marginally lower

Bursa Malaysia ends morning session marginally lower

The Star16-05-2025

KUALA LUMPUR: Bursa Malaysia ended the morning trading session slightly lower today, weighed down by a lack of fresh catalysts and mirroring the trend of key regional indices.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.42 points, or 0.09 per cent, to 1,571.60 from Thursday's close of 1,573.02.
The benchmark index opened 2.58 points higher at 1,575.60 and thereafter fluctuated between 1,570.20 and 1,580.06 throughout the session.
The broader market was negative with 589 decliners outpacing 286 gainers, while 423 counters were unchanged, 1,098 untraded and eight suspended.
Turnover stood at 1.85 billion shares worth RM1.03 billion.
ActivTrades trader Anderson Alves said Asian equities underperformed today, as mixed economic data from the United States influenced market movements ahead of monthly options expiry.
"Traders are also closely monitoring developments on the tariff front, which could impact Asian markets," he said.
On the home front, Bank Negara Malaysia (BNM) announced that the Malaysian economy expanded by 4.4 per cent in the first quarter of 2025 (1Q 2025), driven by sustained household spending supported by favourable labour market conditions and government policies. The country's GDP stood at 4.2 per cent in 1Q 2024.
Among heavyweights, Maybank rose two sen to RM10.12, Tenaga Nasional was flat at RM14.20, IHH Healthcare fell two sen to RM7.01, while both Public Bank and CIMB eased one sen to RM4.50 and RM7.15 respectively.
For active stocks, West River added one sen to 36.5 sen, Sumisaujana, NexG and Pertama Digital all gained half a sen to 19.5 sen, 36.5 sen and 13 sen, respectively, while Ekovest lost 1.5 sen to 37.5 sen and Nationgate slipped four sen to RM1.68.
On the index board, the FBM Emas Index dropped 37.47 points to 11,736.54, the FBMT 100 Index declined 32.29 points to 11,487.19, and the FBM Emas Shariah Index dipped 42.96 points to 11,675.66.
The FBM 70 Index slid 134.45 points to 16,676.73 and the FBM ACE Index fell by 27.47 points to 4,747.67.
Across sectors, the Financial Services Index declined 16.68 points to 18,453.81, the Industrial Products and Services Index edged down by 0.12 of-a-point to 159.67, the Energy Index shed 9.78 points to 727.56, and the Plantation Index slipped 12.29 points to 7,375.81. - Bernama

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Private school parents jittery over service tax impact
Private school parents jittery over service tax impact

The Star

timean hour ago

  • The Star

Private school parents jittery over service tax impact

PETALING JAYA: Parents with kids in private and international schools are anxious about the financial implications, despite assurances that local students remain exempt from the expanded Sales and Service Tax (SST). Many parents believe the increased operational costs may be passed on to them through higher fees or hidden charges when the expanded tax comes into effect on July 1. Under the new policy, a 6% service tax will be imposed on private preschool, primary and secondary education providers that charge more than RM60,000 in annual tuition fees. Sandra Lee, a mother of two who enrolled her children in an international school in Kuala Lumpur, said the new tax policy is worrying as it adds to the broader financial strain on families. 'The impact of additional taxes may accumulate, as there are also other areas that were not taxed before,' she said, adding that families will have less disposable income as a result. 'Education is essential, and any additional strain on affordability could force families to make tough decisions about their children's schooling,' she said. Lee added that transparency and accountability mechanisms such as the e-invoicing system should be used to monitor how schools apply the tax, rather than placing the burden directly on consumers. Aimi Shazwany Mat Noh, a mother of a student at a private institution in Kuala Lumpur, said the move raises practical concerns about how the policy will be implemented across the board. 'The government needs to understand that businesses don't usually price their services differently just because some customers are exempted. 'To stay sustainable, they'll likely apply a uniform approach,' she said. She added that even with exemptions for Malaysian students, families may still feel the effects of the SST, though to a lesser degree. 'Many parents who opt for private education are not necessarily wealthy. There are working-­class families who save up to send their children to private schools. 'What policymakers should consider are incentives or income tax reliefs that can help such households minimise the financial impact and not make them a target for tax revenue,' she said. Avinash Zhi Yong Suriar, 15, who studies at a private international school, said he is worried that the new tax may increase the school fees paid by his parents, calling it 'an unfair change'. 'Since many private schools increase fees as students progress to higher levels, I believe that if schools transfer the tax burden to parents, it should only be placed on students from Primary to Form Three (or equivalent) to avoid over-straining parents financially,' he said.

Favorable biz environment fuels South Asian culinary ventures in China
Favorable biz environment fuels South Asian culinary ventures in China

Borneo Post

timean hour ago

  • Borneo Post

Favorable biz environment fuels South Asian culinary ventures in China

A waiter arranges tableware in the dining room of a South-Asian food restaurant in Lanzhou, northwest China's Gansu Province on May 15, 2025. – Xinhua photo LANZHOU (June 12): Mint-green sofas, glistening crystal wall lamps, mosaic-tiled walls, and the rich aroma of spiced South Asian cuisine – every detail of Imran Ali's restaurant exudes exotic charm, which has helped it become a hit on social media in Lanzhou, capital city of northwest China's Gansu Province. Hailing from Islamabad, the 33-year-old Pakistani businessman came to China in 2012 to pursue higher education. Over the next 13 years, his culinary journey across the country deepened his appreciation for Chinese cuisine and his emotional connection with China. Upon graduation, he chose to stay and channel his passion for food into a full-fledged career in the restaurant industry. 'China's culinary landscape is incredibly diverse, while diners here are open to trying new things, especially young people who see food as a way to connect and socialise,' Ali said. 'That's why I wanted to introduce authentic South Asian flavors to more Chinese cities.' Ali and his Chinese friends opened five South-Asian food restaurants in Jiangxi and Shanxi provinces years ago, which served as a catalyst for their expansion. Encouraged by their success, he set his sights on a broader market. In October 2024, he launched a new restaurant in Lanzhou. A chef prepares a dish in the kitchen of a South-Asian food restaurant in Lanzhou, northwest China's Gansu Province on May 15, 2025. – Xinhua photo The region's multi-ethnic population and traditional preference for beef, lamb, and wheat-based dishes felt instantly familiar to Ali and gave him confidence in his venture. 'Foreign and Chinese entrepreneurs are treated equally here. The process for business registration, food service licensing, and other formalities is highly efficient and convenient,' Ali emphasised, adding that the friendly business environment made it possible for the smooth opening of his restaurant. In fact, China has been actively improving its business climate nationwide. Government departments are working to offer high-quality services to support foreign investors. Thanks to the favorable local policies, Ali secured all necessary permits including different licenses and certifications within a month. Over the past six months, the business had exceeded expectations, with daily revenue surpassing 20,000 yuan (about US$2,780). According to Ali, the restaurant attracts diverse customers, including international students from Pakistan, Iran, India, and Saudi Arabia, alongside curious young Chinese foodies drawn by its growing reputation. But for Ali, this is just the beginning. The ambitious businessman is now preparing to open another restaurant in Hainan, China's southernmost province, next month. Inspired by the potential of Hainan Free Trade Port, Ali sees the island as a gateway to global opportunities and a new base for sharing South Asian cuisine. 'My dream is to bring South Asian delicacies to people in every province of China. 'This is my way of deepening our bilateral friendship between our two countries,' Ali said, crediting China's welcoming environment and streamlined business policies that helped to turn his vision into reality. – Xinhua China culinary South Asian Xinhua

ITMAX new AI growth pillar a positive for company
ITMAX new AI growth pillar a positive for company

The Star

time3 hours ago

  • The Star

ITMAX new AI growth pillar a positive for company

PETALING JAYA: ITMax System Bhd 's latest artificial intelligence (AI) initiative, the 'Digital Twin' project, could generate a potential revenue of RM15mil to RM20mil per year. The 'Digital Twin' project involves the creation of a virtual 3D replica of Kuala Lumpur complete with buildings, road infrastructure and even slope analysis. This new growth pillar leverages ITMAX's data collection strengths, said Maybank Investment Bank Research (Maybank IB). The project will enable real-time simulation by authorities to enhance urban planning efficiency and is expected to be completed in December 2025, with monetisation targeted for financial year 2026 (FY26). After its meeting with ITMAX, Maybank IB came away feeling positive on the prospects of its core CCTV offering and its latest AI-enabled growth pillar. The research house maintains its FY25-FY27 earnings forecast. It retains its 'buy' rating on the stock with a target price of RM4.50. The shares closed at RM3.71 at the time of writing. The risk factors cited include the loss of subsisting contracts with the Kuala Lumpur City Hall (DBKL) to another competitor. It also includes higher-than-expected cost drag related to its expansionary initiatives, and a significant reduction in DBKL's operating budget that may impede continuity of existing contracts, as well as potential variation orders. However, ITMAX remains the research house's top Malaysian software pick for its robust growth offering and leading position as Malaysia's go-to smart city player. Having thus far secured contracts for 1,640 CCTVs across four Greater Johor Baru (GJB) districts, Maybank IB understands that Johor has adopted a single supplier policy for its smart city infra. This implies a 'when' rather than 'if' scenario for ITMAX securing CCTV contracts for the remaining 12 districts in the state. ITMAX is already in active discussions with Pengerang, Batu Pahat and Muar. The four GJB districts are also looking to increase CCTV installations ahead of a ramp-up in the Johor-Singapore Special Economic Zone economic activity. Maybank IB currently imputes a modest 2,000 CCTVs in Johor in FY25/FY26, but based on its sensitivity analysis, every additional 1,000 CCTV units installed in Johor could uplift ITMAX's core earnings by about 2.4% to 3.6% for FY25-FY27. Outside Johor, ITMAX'S CCTV prospects appear equally bright. DBKL has mandated for Kuala Lumpur to have 20,000 CCTVs by end-2028, implying a minimum 10,000 additional CCTVs over the next three years, which has been included in its forecasts.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store