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.
Shares of Magni-Tech Industries Bhd (KL) reached a new all-time high on Wednesday, surging as much as 22 sen, or nearly 10%, to RM2.52 after the company reported record quarterly profits. At 9:10 am, the stock was trading at RM2.46, giving the company a market capitalization of over RM1 billion, with trading volume nearly tripling the 200-day moving average to 888,600 shares. Key Highlights: Record Quarterly Profits and Positive Outlook : Magni-Tech reported a core net profit of RM44.5 million for the first quarter ended July 31, 2024 (1QFY2025), exceeding expectations. PublicInvest Research remains optimistic about the company’s growth prospects, driven by rising consumer awareness of health and wellness, which is expected to boost apparel sales. The research house has maintained its ‘outperform’ call on the stock, with a target price of RM3.02. Stock Performance and Market Position : Magni-Tech’s shares have gained approximately 35% this year, supported by robust earnings growth desp...