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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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HLIB Anticipates Major Public Infrastructure Projects in 2H2024

Hong Leong Investment Bank (HLIB) Research has maintained its 'overweight' rating for the construction sector, citing a significant 41% year-on-year increase in domestic contract awards to RM20.7 billion, primarily driven by data centre (DC) awards.

Key Highlights:

  • Contract Awards Surge: HLIB reported that contracts awarded in the first half of 2024 nearly matched the total awarded in 2023, amounting to RM21.8 billion. The number of awarded projects increased by 90%, with 97 contracts in 1H2024 compared to 51 contracts in 1H2023.
  • Significant Quarterly Performance: The second quarter of 2024 saw RM13.8 billion in contracts awarded, making it the second highest quarterly flow since the commencement of HLIB's database in 1Q2009, only surpassed by 1Q2016.

Anticipated Projects in 2H2024:

HLIB foresees the potential for an acceleration in contract awards in the second half of the year, driven by long-delayed major infrastructure projects. Positive sector sentiment may also be bolstered by the finalization of the Johor-Singapore Special Economic Zone and Budget 2025, alongside structural DC and Johor reinvigoration themes.

  • Upcoming Public Infrastructure Projects: Expected projects include the Penang Light Rail Transit (RM10 billion), Pan Borneo Highway (PBH) Sabah Phase 1B (RM14 billion), Sarawak-Sabah Link Road Phase 2 (RM7.4 billion), Northern Coastal Sarawak road, Sabah hydro and water projects, Penang airport expansion, and critical flood mitigation projects.

Sector Outlook:

HLIB expects a roll-out of development expenditure and off-balance-sheet funded projects in 2H2024, following delays in 1H2024. The wave of investments into the country is anticipated to encourage development spending on essential infrastructure such as ports, airports, water infrastructure, highways, and railways.

Top Picks:

  • Gamuda Bhd (KL): HLIB maintains a 'buy' rating with a target price of RM9.08.
  • Sunway Construction Group Bhd (KL): HLIB maintains a 'buy' rating with a target price of RM5.60.

The research house’s outlook reflects confidence in the sector’s growth potential, driven by a mix of private sector initiatives and upcoming public infrastructure projects.

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