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.
Bursa Malaysia has raised caution over unusual market activity in Pertama Digital Bhd (KL: PERTAMA), as the stock plunged further, marking its seventh straight day of losses. The company’s shares hit a limit-down of RM1.12, a 30% drop, marking the lowest since August 2022. This continuous sell-off has wiped out around RM434 million from its market value since Sept 26.
Pertama Digital’s executive director Sabri Ab Rahman stated that the company is unaware of the reasons for the stock's steep decline but assured that the company remains financially strong. He highlighted that cost-cutting exercises have been completed, operations have been streamlined, and the company is operating efficiently without the need for external funding.
The sharp drop in Pertama Digital's stock coincides with the announcement that the integration of Malaysia’s MyDigital ID platform with the MyJPJ app, which was set for Oct 10, has been scrapped. Pertama Digital had secured a contract in July to provide digital identity services for MyDigital ID.
In addition to its involvement with MyPay and eJamin, Pertama Digital is also working on a regularisation plan following an extension granted by Bursa Malaysia. The company expects to submit its full plan before the February 2025 deadline, with a crucial component being the proposed acquisition of a controlling stake in Kridentia Tech Sdn Bhd, which aligns with its growth projections for 2025.
Pertama Digital’s stock has now fallen over 57% since the beginning of the year, and the company has been asked by Bursa Malaysia to disclose any reasons that might explain the recent trading activity.
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