EPF buys Bursa shares as price falls to lowest in three months

EPF buys Bursa shares as price falls to lowest in three months

KUALA LUMPUR (June 11): The Employees Provident Fund (EPF) has raised its stake in Bursa Malaysia Bhd to 9.54% after buying more shares in the local bourse regulator and operator in recent days on the open market as Bursa’s share price fell to its lowest in about three months.

According to Bursa’s latest filings on its website on Thursday (June 9) and Friday, the EPF had on Tuesday acquired 31,900 Bursa shares after buying 100,000 shares on June 3.

Following the latest transaction, the EPF’s stake in Bursa rose to 9.54% comprising 77.21 million shares from 9.536% on June 3, the bourse regulator said.

The EPF’s stake in Bursa has risen to current levels of above 9% from 8.513% comprising 68.9 million shares on Jan 19, according to a filing on Jan 24.

The EPF bought more Bursa shares at a time when the bourse regulator’s share price had fallen to its lowest in about three months since March.

On Friday, Bursa’s share price closed down six sen or 0.91% at RM6.56, the lowest since March 16 when the stock ended at RM6.87 compared with RM6.39 on March 15.

Compared to a year earlier, Bursa’s latest share price was down from its closing price of RM8.11 on June 10, 2021.

At the latest closing share price of RM6.56, the group had a market value of about RM5.31 billion based on its 809.3 million outstanding shares, according to the latest quarterly financial report.

Meanwhile, at the time of writing, the EPF had not responded to theedgemarket.com’s queries on its investment goals and decisions.

The fund says on its website that in tandem with its main vision in helping its members achieve a better future, it has extended its mandate to include aiding national infrastructural development while safeguarding and growing its members’ retirement savings.

http://www.theedgemarkets.com/article/epf-buys-bursa-shares-price-falls-lowest-three-months