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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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Shares of MN Holdings Bhd reached a new all-time high on Monday following the announcement of a joint venture (JV) bid for a solar project in Pulau Tioman. The stock surged nearly 5% to RM1.12 before settling at RM1.09 by 10 am, giving the company a market capitalization of RM518 million on Bursa Malaysia. Over 6.7 million shares were traded, surpassing the 200-day moving average.


The JV, formed with Reservoir Link Energy Bhd, aims to tender for the solar project led by Tenaga Nasional Bhd. MN Holdings' unit, MN Power Transmission Sdn Bhd, and Reservoir Link’s subsidiary, Founder Energy Sdn Bhd, are partnering in a 20:80 ratio to submit the bid.

If successful, the JV could enhance MN Holdings' order book replenishment, according to Phillip Capital, which views the partnership positively. Despite the JV targeting contracts valued at under RM10 million, both Phillip Capital and Hong Leong Investment Bank maintain a ‘buy’ recommendation on MN Holdings, with target prices of RM1.20 and RM1.62, respectively.

MN Holdings has seen its shares more than double this year, driven by strong investor interest in solar power-related companies. Since its listing in April 2022, the stock has jumped fivefold from its initial public offering price of 21 sen per share.

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