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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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Genting and Genting Malaysia Removed from Malaysia's Benchmark KLCI Index

Genting Bhd. (3182.MY) and Genting Malaysia Bhd. (4715.MY) have been removed from the FTSE Bursa Malaysia KLCI Index due to declining market capitalizations, Bursa Malaysia announced Thursday.

Index Changes

  • Removed Constituents:

    • Genting Bhd. Market Cap: RM13.84 billion (~$3.11 billion).
    • Genting Malaysia Bhd. Market Cap: RM12.59 billion.

  • New Additions:

    • 99 Speedmart (5326.MY).
    • Gamuda Bhd. (5398.MY).

The changes are part of the semiannual index review and will take effect on Dec. 23, 2024. The next review is scheduled for June 2025.

KLCI Eligibility Criteria

To remain in the benchmark index, companies must rank among the top 30 largest firms by market capitalization in Malaysia.

Financial Performance

  • Genting Bhd.

    • Q3 2024 Net Profit: Halved to RM223.8 million, down from the previous year.
    • Reason: Declines in revenue for its leisure and hospitality division.

  • Genting Malaysia:

    • Faces similar earnings pressures, contributing to its removal from the index.

Implications

  • Genting and Genting Malaysia:

    • Removal from the KLCI could impact investor perception and reduce passive investment inflows tied to index-tracking funds.

  • 99 Speedmart and Gamuda:

    • Inclusion in the KLCI enhances visibility and appeal to institutional investors.

The reshuffling highlights the dynamic nature of the index, reflecting changing market conditions and company performance. As Malaysia’s premier benchmark, the KLCI remains a barometer for the country’s economic health and corporate landscape.

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