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.
Hartalega Holdings Bhd reported a 69% drop in net profit for its second quarter ended Sept 30, 2024, as rising raw material costs and a stronger ringgit affected export revenues. The net profit for this period was RM8.63 million , while without deferred tax income from capital investment incentives, the company would have recorded a pre-tax loss of RM47.45 million . Despite these challenges, revenue increased 44% year-on-year to RM652.07 million , driven by higher sales volume. A first interim dividend of 0.56 sen per share was declared, payable on Dec 11. Industry Challenges and Outlook: The glove manufacturing sector remains pressured by global oversupply and competitive pricing, which has impacted average selling prices . Furthermore, global shipping disruptions and volatile forex markets have contributed to these difficulties, with Hartalega deriving most of its income from exports. However, the company sees potential benefits from upcoming US tariffs on Chinese gloves , eff...