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.
Shares of SAM Engineering and Equipment (M) Bhd (KL) fell sharply on Monday, declining by as much as 13% or 71 sen to RM4.64, their lowest level since April 24, 2024. The sharp decline followed the release of weaker-than-expected financial results for the first quarter ended June 30, 2024 (1QFY2025), leading to reduced earnings estimates and target prices from analysts. Key Takeaways: Disappointing Financial Performance : SAM Engineering's net profit for 1QFY2025 fell by more than half to RM10.10 million, compared to RM20.53 million in the same quarter last year. The results accounted for just 8% of consensus full-year forecasts, prompting two of the three analysts covering the stock to revise their estimates and lower their target prices. The company's aerospace segment faced setbacks due to delays in new product launches and quality defects in materials procured from suppliers. Analyst Reactions and Future Outlook : Despite the weak performance, Maybank Investment Bank (May...