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.
GuocoLand (M) Bhd saw its net profit drop over 50% to RM2.32 million in the first quarter ending Sept 30, 2024, compared to RM4.79 million the previous year, primarily due to reduced contributions from its property development division . The company’s revenue fell nearly 50% to RM60.34 million from RM119.15 million a year earlier. Amid challenging conditions in the domestic property sector , including high interest rates and rising construction costs , GuocoLand highlighted the difficulty of maintaining profit margins and noted an oversupply of properties across various markets. To address these challenges, GuocoLand plans to: Focus on timely completion of ongoing projects Monetize inventories Maintain prudent financial management The company will phase new product launches to align with local market conditions and continue reviewing its landbank development plans to ensure relevance, while also exploring potential acquisitions for growth. GuocoLand shares ended the day slight...