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.
The Auditor General's (AG) Report revealed that 3,942 projects, or 45.9% of the 8,593 development projects under the 12th Malaysia Plan (12MP), were in progress as of Aug 26, 2024. However, 169 of these projects are experiencing delays or difficulties.
According to the AG’s Report 3/2024 on the federal government’s 2023 financial statements, which was presented in Parliament, 1,434 projects have reached the post-implementation stage, 3,085 projects are still in the pre-implementation phase, and 132 projects have been either cancelled or are under review.
To ensure the completion of these projects by 2025, the AG recommended more rigorous monitoring and immediate interventions. The performance of 12MP projects will be fully assessed at the plan's end in 2025, with the government emphasizing improved efficiency and monitoring under the Mid-Term Review of the 12MP, presented in September 2023.
From 2021 to 2023, the expenditure on 12MP projects amounted to RM231.92 billion, exceeding the approved allocation of RM222.756 billion. This figure represents 55.9% of the total RM415 billion allocation for the plan's implementation.
Additionally, the AG has submitted 260 recommendations for various ministries, departments, and state government agencies to improve implementation efficiency.
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