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.
Bank Negara Malaysia (BNM) has approved the Sarawak government's acquisition of a majority stake in Affin Bank Bhd, as confirmed by Premier Tan Sri Abang Johari Tun Openg in recent media reports. The official announcement of the acquisition is expected within a week, according to the New Straits Times and the Borneo Post.
Speaking at an event, Abang Johari confirmed that all necessary processes, including approvals from BNM, have been completed. He emphasized that he held off on making an early announcement to avoid stock market speculation.
Back in July, Abang Johari had revealed plans to increase Sarawak's stake in Affin Bank to around 30%, up from its current 4.8%. The Armed Forces Fund Board (LTAT) currently holds a 28.88% stake, while Boustead Holdings Bhd, a subsidiary of LTAT, owns 20%. The second-largest shareholder is the Bank of East Asia Ltd from Hong Kong, holding 23.93%.
With procedural requirements now complete, Sarawak is set to become a major player in the banking sector.
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