KUALA LUMPUR, Jan 7 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) recovered from yesterday’s losses to close higher Tuesday, driven by bargain-hunting amidst the positive momentum on Wall Street overnight and most regional markets. At 5 pm, the market bellwether increased 4.32 points or 0.26 per cent to 1,629.79 compared with Monday’s close of 1,625.47. The index opened 0.97 of-a-point lower at 1,624.50 and moved between 1,624.50 and 1,634.27 throughout the day. However, the broader market was negative with losers outpacing gainers 614 to 490, while 537 counters were unchanged, 712 untraded and 10 others suspended. Turnover improved to 3.91 billion units valued at RM3.29 billion against Monday’s 3.47 billion units valued at RM2.66 billion. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said optimism in the...
Shares of BP Plastics Holding Bhd dropped to a nine-month low at RM1.18, declining 2.5% after reporting a nearly 90% drop in 3QFY2024 net profit. The company declared a 1.50 sen dividend, despite earnings of just 0.26 sen per share for the quarter.
For the Jan-Sept 2024 period, net profit fell 33% to RM16.94 million, while revenue rose 7.4% year-on-year to RM370.09 million. Analysts cite global economic uncertainties, elevated costs, and a strengthening ringgit as major challenges for the flexible plastic packaging industry.
Despite short-term headwinds, Kenanga Investment Bank remains optimistic, highlighting potential growth from new products with higher margins and premium-grade stretch films, expected to form over 30% of sales in coming years. The consensus 12-month target price for the stock is RM1.41, with two ‘hold’ and one ‘buy’ call.
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