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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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Rakuten Sees KLCI Testing 1,730 by Year End, Overweight on Banking, Construction, Tech, Telco, Power, and Utilities

Rakuten Trade Sdn Bhd anticipates the benchmark FBM KLCI testing the 1,730-point level by year end. This optimism is driven by foreign direct investment (FDI) in data centers, improved corporate earnings, and increased domestic liquidity.

Key Drivers:

  • FDI and Domestic Investment: Approximately RM80 billion in data center-related FDI supports Malaysia’s marketing efforts. Additionally, the government's directive for government-linked investment companies (GLICs) to reduce overseas investments and focus on the domestic market could bring RM20 billion to RM30 billion back into the local market.
  • Improved Trading Volume: Recent improvements in trading volume, with the year-to-date average daily volume surpassing the 10-year average, indicate potential positive developments in the local stock market.

Corporate Earnings:

  • Projected Growth: Rakuten projects a 16.1% growth in corporate earnings for the year.

Sector Performance:

  • Banking: Top picks include RHB Bank Bhd, Malayan Banking Bhd, CIMB Group Holdings Bhd, and Alliance Bank Malaysia Bhd for their strong dividend yields. Hong Leong Bank Bhd and Public Bank Bhd are noted for potential upsides.
  • Construction: Favored companies are Gamuda Bhd, Sunway Construction Group Bhd, Kerjaya Prospek Group Bhd, WCT Holdings Bhd, and Kimlun Corp Bhd, driven by private-sector projects and major public infrastructure initiatives.
  • Power and Utilities: Key picks include Tenaga Nasional Bhd, YTL Power International Bhd, Gas Malaysia Bhd, Makakoff Corp Bhd, Samaiden Group Bhd, and Solarvest Holdings Bhd for their earnings defensiveness and decent dividend yields.
  • Technology: Top picks are SNS Network Technology Bhd, Inari Amertron Bhd, PIE Industrial Bhd, NationGate Holdings Bhd, and Kelington Group Bhd, expected to benefit from supply chain shifts.
  • Telecommunications: CelcomDigi Bhd, TIME dotCom Bhd, and Telekom Malaysia Bhd are highlighted for potential upsides, while Maxis Bhd is noted for its dividend yield.

Currency Outlook:

  • Ringgit Strengthening: Rakuten forecasts the ringgit to strengthen to around 4.50-4.55 against the US dollar by end-2024, supported by expected interest rate easing in the US and EU, and improvements in the domestic investment climate. As of Wednesday, the ringgit had risen 0.07% to 4.6733 against the greenback.
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