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.
Wall Street Momentum Fuels Global Rally
US equities extended their winning streak on Wednesday, with the S&P 500 and Nasdaq hitting record highs. The S&P 500 closed at 6,466.58 (+0.32%), while the Nasdaq edged up to 21,713.14 (+0.14%). The Dow Jones gained 1.04% to 44,922.27, nearing its all-time high.
The rally was supported by rising expectations of a Federal Reserve rate cut in September, with CME FedWatch tool showing a 100% probability of a reduction. Investors largely anticipate a 0.25% cut, while a smaller portion expects a deeper 0.5% reduction.
Bursa Malaysia Extends Gains
The FBM KLCI surged 18.70 points (+1.19%) to 1,586.60, marking its seventh consecutive session of gains and reaching a four-month high. The advance was fueled by lower-than-expected US July inflation data (2.7%), which bolstered global risk appetite.
Telecommunication counters led the index higher, with defensive, high-dividend plays attracting investors amid a firmer ringgit and rising commodity prices. Advancers outnumbered decliners 686 to 390, with market turnover at 2.71 billion shares worth RM3.07 billion.
Key Corporate Highlights
MRDIY posted a 2.17% y-o-y rise in Q2 net profit to RM158.58 million on the back of 31 new store openings. Revenue grew 1.5% to RM1.214 billion. Shares eased 1.88% despite the earnings uptick.
PCHEM fell 9.09% after reporting a record Q2 net loss of RM1.08 billion versus a RM777 million profit last year. Losses stemmed from weaker product spreads, forex losses, and asset impairments. Revenue dropped 16% to RM6.44 billion. A first interim dividend of 3 sen was declared.
VSTECS rose after Q2 net profit climbed to RM20.17 million from RM15.25 million, supported by stronger sales across all business segments.
MASTER slid as Q2 net profit plunged 74% to RM1.6 million, hurt by price cuts, lower margins, and forex losses.
EMETALL reversed into a Q2 net loss of RM4.11 million, pressured by higher raw material costs and factory overheads.
RCECAP dipped following a 14.3% drop in Q1 net profit to RM25.99 million due to higher impairment allowances.
YINSON rallied after commencing operations for its largest FPSO vessel, Agogo FPSO, under a US$5 billion, 15-year charter with Azule Energy in Angola.
This sustained momentum, coupled with global rate cut optimism, positions the Malaysian market for potential near-term strength, though investor focus will remain on upcoming US economic data for confirmation of the Fed’s policy path.
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