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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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Sarawak Records RM4.2 Billion Investments in 1Q2024, Eyes More Green Investments

Sarawak has attracted RM4.2 billion in approved investments during the first quarter of 2024 (1Q2024), a significant achievement following the launch of the New Industrial Master Plan (NIMP) 2030.

Investment Highlights:

  • National Growth Contribution: Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz noted that Sarawak ranks fourth in terms of investment value flow.
  • National Achievements: Since the launch of NIMP 2030 nearly a year ago, Malaysia recorded approved investments worth RM329.5 billion in 2023, potentially creating almost 130,000 jobs.

1Q2024 Investment Data:

  • Approved Investments: RM83.7 billion, up 13% year-on-year (y-o-y).
  • Foreign Investment: Over 56% of the total approved investments.
  • Job Creation: Expected to create 29,000 new jobs for Malaysians, a 14.6% increase y-o-y.

Industry Presence in Sarawak:

  • Key Companies: Electrical and electronics, and chemicals companies such as Taiyo Yuden Sdn Bhd, OCI Co Ltd, Melexis, and X Fab Sarawak Sdn Bhd have established their presence.
  • Economic Contribution: These investments have generated valuable spillover opportunities for small and medium enterprises and contributed to the vibrant economic development of the state and nation.

Green Energy Agenda:

  • Decarbonisation Goals: Sarawak’s ambitious green energy agenda aims to decarbonise its transport system and transition towards a low-carbon economy.
  • Complementary Strategies: This agenda aligns with the national-level strategy on green investments, NIMP 2030, and the National Energy Transition Roadmap (NETR).

Project Implementation:

  • High Implementation Rate: From 2021 to March 2024, about 80% of approved manufacturing projects have been implemented.
  • Facilitation Initiatives: Initiatives such as the Invest Malaysia Facilitation Centre (IMFC) at the Malaysian Investment Development Authority, supported by key agencies like the Royal Malaysian Customs, Immigration, and Inland Revenue Board, have eased investors’ journey in Malaysia.

Minister's Remarks:

Minister Zafrul emphasized the ministry's focus on revamping the country’s industrial and investment ecosystem, including incentives, talent, infrastructure, and regulatory and procedural enhancements.

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