Market price will be deducted by the 5 sen at ex-date so do the NTA. Normally market price is adjusted by Bursa at ex-date and the NTA will be adjusted when the actual dividends are paid out.

Just give an example that company A had an NTA of 2.0 but traded at 1.5 at 1 Feb. Later it announced to pay dividend of 0.05 each share, ex-date at 1-Mar and payable date at 1-Apr. So when the market closed at 29-Feb, the NTA was still the same at 2.0 but the share price increased to 1.6.

In the morning 8.30 a.m. at 1-Mar before the market started to trade, Bursa adjusts the share price to 1.55 (=1.60 - 0.05) but NTA still the same as 2.0.

Later when day came close to 31-Mar, the NTA and share price did not change since 1-Mar at 2.0 and 1.55 respectively. The actual dividend were then paid out in cheque/e-dividend to shareholders at 1-Apr and thus the NTA will be adjusted to 1.95 (= 2.0 - 0.05) but the share price still remained as 1.55

Yes, that why some investors would think dividend is irrelevant, because paying dividend is kind of transferring from your left pocket to your right pocket.

From example, before the declaration of dividend of RM0.05 each share, you are holding 1,000 units stock A with a market value of RM1 each, so your total investment value in this stock A is RM1,000 (= 1,000 * RM1). After getting the dividend, the market value of the stock A becomes RM0.95 (=RM1 - RM0.05), so you now have a stock value of RM950 (=1,000 * RM0.95) for stock A and RM50 in cash (= 1,000* RM0.05). As a whole, your total wealth still remain the same at RM1,000 (= RM950 + RM50), which now just in a form of stock+cash rather than all in stocks.

And even worse in a case that RM50 cash dividend might not be worth RM50 because people might spend it rather than reinvest it back or keep it in the bank. If you spend the dividend, you only have wealth RM950 now .

How you sure share price does not jump after NTA jumps? Most likely share price already jump 1st before the declaration of NTA jump lah . Since share price already jumped so it will not jump again when NTA is declared to increase otherwise the "jump" is double count loh .