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.
IGB REIT’s impressive 22% surge this year has prompted analysts to downgrade the REIT to a 'hold' rating, despite slightly higher fair value targets for the Mid Valley Megamall and The Gardens Mall operator. AmInvest and Maybank Investment Bank (Maybank IB) highlighted that IGB REIT’s valuation now appears stretched compared to peers like Sunway REIT and Pavilion REIT. The unit price of IGB REIT, currently trading at nearly two times net asset value (NAV) , contrasts with competitors hovering just over one time NAV. “We see limited upside potential after the stock’s strong rally," Maybank IB said, noting that they had not factored in potential new assets into their forecasts. Both firms anticipate IGB REIT’s next growth catalyst will be the acquisition of Mid Valley Southkey Mall in Johor Bahru , a fully occupied property expected to see rental renewals in 2025. AmInvest raised its fair value to RM2.28 from RM2.11 , citing lower cost of capital assumptions, while Mayba...