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.
CTOS Digital Bhd (KL) shares rose up to 7.9% on Tuesday after posting a 13% increase in 3Q net profit , driven by record revenue. However, analysts from Kenanga Research and Hong Leong Investment Bank (HLIB) flagged revenue risks, leading them to cut target prices (TPs) and earnings forecasts . Stock Performance: CTOS shares closed up 7% at RM1.22 , with a market cap of RM2.82 billion after trading 11.3 million shares. The group’s net profit for 3QFY2024 reached RM27.55 million with a 20.1% revenue growth to RM79.81 million . An interim dividend of 0.84 sen per share was declared. Analyst Reactions: Kenanga Research pointed out that while CTOS saw some margin recovery, growth in digital report volumes is slowing , affecting profit expectations. Kenanga reduced its FY2024 and FY2025 earnings forecasts by 6% and 15% , respectively, and cut its TP from RM2 to RM1.70 , maintaining an ‘outperform’ call. HLIB echoed concerns, noting the revenue miss due to key account contrac...