Bursa Malaysia ends almost flat

BURSA Malaysia ended almost unchanged yesterday as news on the revival of the Bandar Malaysia mega project last Friday drove optimism in the market, with buying support mainly seen in construction and building materials counters, said dealers.

At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.01 of-a-point, or 0.001 per cent, to 1,622.06 from Friday’s close of 1,622.07.

After opening 0.49 of-a-point firmer at 1,622.56, the index moved between 1,621.16 and 1,630.91 throughout the session.

Market breadth was positive with 621 gainers and 322 losers, while 361 counters were unchanged, 610 untraded and 38 others suspended.

Volume ballooned to 4.77 billion units worth RM3.18 billion against last Friday’s 2.52 billion units worth RM1.69 billion.

The Bandar Malaysia project was the focus yesterday.

IWH-CREC Sdn Bhd, the project’s master developer, had been chosen to take up a 60 per cent stake in Bandar Malaysia via an open tender exercise.

Shares of Iskandar Waterfront City (IWCity) hit limit-up at the opening bell yesterday at RM1.32, gaining 30 sen, or 29.41 per cent, to its highest since March 2018. The counter remained limit-up throughout the day, with some 15.35 million shares traded.

IWH owns a 37.72 per cent stake in IWCity. The most actively-traded stock, Ekovest hit limit-up at closing, soaring 30 sen, or 44.78 per cent, to 97 sen with 282.02 million shares changing hands.

Property tycoon Tan Sri Lim Kang Hoo is a common major shareholder in Ekovest and IWCity.

Meanwhile, among heavyweights, Maybank rose six sen to RM9.15, Public Bank improved two sen to RM22.54, Petronas Chemicals fell five sen to RM8.90, Tenaga put on two sen to RM12.16 and IHH dropped four sen to RM5.52.

Of the top gainers, Tasek was up 66 sen to RM5.81, Guan Chong gained 38 sen to RM4.08 and DWL rose 37 sen to RM1.68.

The FBM Emas Index bagged 60.15 points to 11,557.38, the FBMT100 increased 44.22 points to 11,369.10 and the FBM 70 surged 235.03 points to 14,617.54.

The FBM Emas Shariah Index was 59.87 points higher at 11,749.89 and the ACE Market strengthened 22.34 points to 4,715.19.

Main Market volume jumped to 3.97 million shares worth RM3.04 billion against 1.86 million shares worth RM1.57 billion on Friday.

Volume on the ACE Market advanced to 468.08 million shares worth RM91.89 million versus 465.19 million shares worth RM90.72 million on Friday.

The FBM KLCI futures contract on Bursa Malaysia Derivatives ended lower yesterday.

Turnover increased to 4,963 lots from 3,014 lots on last Friday, while open interest rose to 31,988 contracts from 29,884 contracts.