KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
A total of 202 federal government projects under the 12th Malaysia Plan (12MP) have been categorized as ailing projects (projek sakit) as of the end of 2023, according to the Auditor General’s (AG) Report. These projects have been delayed by more than two months or 20% beyond the timeline stipulated in their contracts.
These ailing projects represent 5.93% of the 3,404 ongoing projects under the 12MP. Additionally, 107 projects (3.14%) are behind schedule, 549 projects (16.13%) are ahead of schedule, and 2,305 projects (67.71%) are on schedule. Another 241 projects (7.08%) show no progress due to a lack of data in the MyProjek system.
The ailing projects fall under the purview of 19 out of 26 government ministries, with the Ministry of Education having the highest number, with 72 delayed projects, followed by the Ministry of Natural Resources, Environment and Climate Change (24), Ministry of Rural and Regional Development (22), Ministry of Health (18), Ministry of Works (12), and Ministry of Housing and Local Government (12).
The report highlighted five projects facing the most severe delays, ranging from 670 to 1,120 days. The Seduan People’s Housing Programme in Sibu, Sarawak is the most delayed, with a setback of 1,120 days (over three years). The project involved the construction of 461 single-storey houses with an initial cost of RM99.17 million, and faced multiple contractor extensions before the contractor was terminated in April 2024.
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