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.
Penang has once again asserted its dominance as Malaysia’s top exporter, achieving a remarkable RM177.99 billion in export value from January to May 2024, according to the Malaysia External Trade Development Corporation (Matrade). Datuk Seri Reezal Merican Naina Merican, the chairman of Matrade, highlighted Penang’s significant contribution to the nation’s exports, noting that it accounted for 30.5% or RM434.74 billion of Malaysia’s total exports in 2023.
Key Export Sectors and Investment Highlights
Penang’s robust export growth has been driven by key sectors including:
- Integrated circuits
- Valves and other tubes
- Aircraft fittings and spare parts
- Tin and non-alloys
In terms of investments, Penang led the nation with an investment value of RM71.9 billion in 2023, supporting 415 projects and creating 20,701 job opportunities, as per data from the Malaysian Investment Development Authority (Mida).
National Export Performance
Malaysia’s exports have consistently exceeded RM1 trillion for three consecutive years. For the first half of 2024, exports rose by 3.9% to RM731.11 billion, with a trade surplus of RM66.12 billion.
Support for Local Companies
Matrade's exporter database, up to June 30, 2024, includes 13,018 local companies, with 958 (7.4%) based in Penang. Notably, 786 (82%) of these Penang companies are micro, small, and medium enterprises (MSMEs). Registered companies with Matrade enjoy several benefits, such as:
- Access to trade advisory services
- Market intelligence and trade information
- Participation in development programs including training and workshops
- Opportunities to join promotional activities
Focus on Emerging Markets and Mid-Tier Companies
Reezal emphasized the need to develop more mid-tier companies, which currently number 9,000 nationwide. He also advocated for Malaysia to diversify its market reach beyond traditional regions to emerging markets in North Africa and the Middle East. Reezal urged the government to consider incentives to support this market penetration.
Penang Export Day 2024
The Penang Export Day 2024, held from July 22 to 23, aims to enhance the export capabilities of the state’s industry players, particularly MSMEs. The event is a collaborative effort between Matrade and the Penang state government, facilitated by the Penang State Development Corporation. Key partners include Affin Bank Bhd, Alibaba.com, Export-Import Bank of Malaysia Bhd (Exim Bank), FedEx Malaysia, and Maybank Islamic Bhd.
This initiative underscores Penang’s pivotal role in bolstering Malaysia’s export landscape and the ongoing efforts to sustain and expand its economic contributions.
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