KUALA LUMPUR, April 17 — The share price of Bursa Malaysia Bhd rose this morning on news that the company would see a prominent corporate figure, Tan Sri Abdul Wahid Omar, as its new chairman.
As at 9.34 am, the stock exchange manager rose seven sen to RM5.92 after 155,200 shares changed hands.
Bursa Malaysia neither denied nor confirmed when queried by Bernama.
Abdul Wahid has served 17 years with government-linked companies, starting with UEM-Renong Group (2001-2004), Telekom Malaysia (2004-2008) and Malayan Banking Bhd (2008-2013).
He was appointed as chairman of Permodalan Nasional Bhd (2016-2018) following the completion of his term as a senator and Minister in the Prime Minister’s Department in charge of the Economic Planning Unit from June 2013 to June 2016.
Abdul Wahid was succeeded by ex-Governor of Bank Negara Malaysia, Tan Sri Dr Zeti Akhtar Aziz, as the country’s largest unit trust fund’s fourth chairman since its establishment in 1978.
Meanwhile, AmInvestment Bank has upgraded its recommendation on Bursa Malaysia to ‘Buy’ from ‘Hold’ with a revised fair value of RM6.40 against RM6.05 previously, in view of higher securities and derivatives trading revenue in the first quarter of 2020 (1Q20).
“We expect earnings for 1Q20 to come in strongly at circa RM67 million,” the research house said in a note today.
AmInvestment has also fine-tuned its earnings for financial years 2020/21/22 by 3.8 per cent/0.8 per cent/0.9 per cent as it factors in lower operating expenses and revenue from listing fees.