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.
Maintain buy, with a higher target price (TP) of RM2.40 Hock Seng Lee Maintain BUY, with a raised TP of MYR2.40 HSL’s Kuching Centralised Sewerage Package 2 job win worth MYR750m is a positive surprise as the project value is higher than expected. We expect more construction jobs to be dished out in Sarawak as the state election looms closer. We raise our 2016 job win and EPS forecasts given the strong job wins todate. Reiterate BUY with a higher TP of MYR2.40 (+7%) on unchanged 12.5x 2017 PER. Higher-than-expected project value HSL-led Kumpulan Nishimatsu-HSL Consortium (75% owned) has won the Kuching Centralised Sewerage: Package 2 (P2) from Sewerage Services Department of Sarawak worth MYR750m. This is 42% higher than P1’s MYR530m as P2 has a wider coverage. P2’s project value is also higher than expected, of MYR500m. The job scope covers construction and commissioning of a wastewater treatment plant and other related works. The works are expected to complete in 72 ...