KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Maintain Outperform with unchanged SOTP-derived TP of RM1.80. WCT Holdings WCT Holdings Berhad , via its joint-venture with KKB Engineering Berhad, secured one of the Pan Borneo packages worth RM1.29bn. This job win, which is the Group’s first in FY16, is expected to take 51 months from now to complete. WCT owns 30% of the JV, with the remaining owned by KKB Engineering Berhad. As such, its net stake of c.RM390m is within our replenishment rate of RM2bn p.a. for the Group. This job win is estimated to raise the Group’s outstanding orderbook to RM4.8bn. ensuring earnings visibly for the next few years. Maintain Outperform with SOP-derived TP of RM1.80. RM1.29bn Pan Borneo Package . The scope of works, among others includes upgrading of Pan Borneo Highway in Sarawak which involving Phase 1, spanning from Sungai Arip Bridge to Bintulu Airport junction. The works are including piling works, civil works which includes demolition & site clearance, earthworks, geotechni...