KUALA LUMPUR: Bursa Malaysia wraps up 2024 with slight gains on the last trading day, and posts its best annual performance since 2010.

The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) began the year at 1,453.10 points and recorded a 12.90 per cent increase year-to-date (YTD), finishing at 1,642.33 points on Tuesday.

One of the the top-performing sectors was construction, driven by a wave of project announcements that bolstered companies' order books.

The construction sector began the year at 193.38 points and saw a remarkable annual growth of 60.71 per cent to closed at 308.46 points.

The utilities sector also posted substantial gains, driven by favourable progress in data centre projects and the National Energy Transition Roadmap.

The sector began the year at 1,356.71 points, achieving a yearly increase of 37.33 per cent, and closed at 1,824.57 points.

CIMB Securities Sdn Bhd identified the property sector as the third-best performer. It was driven by strong growth in data centre investments nationwide and initiatives within the Johor-Singapore Special Economic Zone (JS-SEZ).

The sector started the year at 864.34 points, recorded a YTD increase of 30.63 per cent and closed at 1,133.72 points.

The technology sector emerged as one of the worst performers, hindered by a slower-than-anticipated recovery in sales and the adverse forex impact from the ringgit's depreciation.

The sector began the year at 63.11 points, recorded a modest YTD growth of 2.19 per cent, and closed at 64.98 points.

The telecommunications sector is another underperformer, largely due to delays in the deployment of the second 5G network.

It started the year at 569.07 points, recorded a YTD decline of 4.58 per cent and closed at 543.80 points.

Meanwhile, CIMB Securities said the consumer sector faced challenges due to weaker-than-anticipated consumer sentiment, a boycott of certain Western brands over the Gaza conflict, and a 56 per cent hike in diesel prices in Peninsular Malaysia on June 10, 2024.

The sector began the year at 552.81 points, recorded a slight YTD decline of 0.76 per cent and closed at 549.49 points.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said although trading was subdued on the last day, the FBM KLCI posted an outstanding performance in 2024, achieving double-digit growth and marking its best annual return in more than 10 years.

This was supported by strengthening macroeconomic conditions, including strong consumer spending and better-than-expected corporate earnings in major sectors like banking and technology.

"Investor sentiment strengthened significantly over the year, reflecting growing market confidence amidst a more favourable economic backdrop," he told Business Times.

Sedek said trading volume on the final day was lower at 2.37 billion shares, underscoring subdued participation as many investors opted to remain on the sidelines.

"This cautious sentiment suggests that market participants are awaiting clearer direction and stronger economic catalysts as we transition into 2025," he added.

https://www.nst.com.my/business/corporate/2024/12/1154970/bursa-malaysia-posts-best-annual-show-2010