Thursday 28 Mar 2024
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KUALA LUMPUR: Thirty companies including SapuraKencana Petroleum Bhd, Scomi Group Bhd, CLIQ Energy Bhd, Perdana Petroleum Bhd and Puncak Niaga Holdings Bhd have been removed from the list of syariah-compliant securities by the Securities Commission Malaysia’s (SC) Shariah Advisory Council.

At the same time, 40 newly classified syariah-compliant securities were admitted to the list, bringing a total of 673 syariah-compliant securities or 74% of the total 905 listed securities on Bursa Malaysia.

Shares in SapuraKencana fell as much as 4.33% to close at RM3.09 yesterday, ahead of the exclusion from the list from today.

SapuraKencana’s drop was also due to lower crude oil prices ahead of the Organisation of Petroleum Exporting Countries’ (Opec) decision yesterday on whether member nations would cut output.

SapuraKencana was the eighth most active stock on Bursa.

In the updated list of syariah-compliant securities, 200 are industrial product companies, followed by consumer products (107), construction (35), trading and services (146), properties (67), plantations (37), technology (73), infrastructure (4), finance (2) and special purpose acquisition vehicles (2).

Companies that were included into the list are Kian Joo Can Factory Bhd, Media Chinese International Ltd, Talam Transform Bhd, Iskandar Waterfront City Bhd, Amway (Malaysia) Holdings Bhd and Padini Holdings Bhd.

To recap, the SC in November last year introduced a revised screening methodology for syariah-compliant stocks, which tightened the business activity benchmark and announced a new financial ratio benchmark.

The SC updates the list twice a year, based on the companies’ latest annual audited financial statements. The next update will be in May 2015.

 

This article first appeared in The Edge Financial Daily, on November 28, 2014.

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