Gamuda May Replace Genting Malaysia In List Of FBM KLCI Constituent Stocks -- MIDF Amanah

KUALA LUMPUR, Sept 17 (Bernama) -- Gamuda Bhd may replace Genting Malaysia Bhd on the FTSE Bursa Malaysia KLCI (FBM KLCI) constituent stocks list on Dec 23, 2024, according to MIDF Amanah Investment Bank Bhd.

The investment bank noted that after two years (five consecutive semi-annual reviews) on the FBM KLCI reserve list, “it seems likely that Gamuda will be elevated to the barometer index.”

“Since the June 24 review, its share price had risen by 19 per cent to RM7.59 as of Sept 13, 2024, ranking 24th based on market capitalisation. As long as it remains at the 25th spot and above by the cut-off date, inclusion in the index is rather certain as Gamuda meets both the free float and liquidity requirements,” it said. 

MIDF Amanah also reckons there is potential for the removal of Genting Malaysia from the list.

“As of (last) Friday, Genting Malaysia had fallen to the 36th spot in terms of market capitalisation. 

“If it remains at that position by the cut-off date of the upcoming review, it will have to be deleted from the index, going by the ground rules. This will make way for Gamuda’s potential entry,” it said. 

MIDF Amanah said the FBM KLCI semi-annual review is scheduled to be implemented on Dec 23, 2024, based on the data from the review cut-off date of Nov 25, 2024.  “While it is still two months away, we opine that it will be of interest to delve into the possible changes among the blue-chip stocks since the previous review cut-off date on May 27, 2024,” it added.

-- BERNAMA