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 call with lower Target Price (TP) of RM0.90 (+29%) Eversendai Corp Strong job win momentum to continue Following strong job wins in 2015, the momentum would continue in 2016 especially from Middle East and Malaysia. Variation order claim is expected to pick up in 2016, providing upside to our earnings forecasts. The pick up in job flows from key global events in the Middle East would re-rate the stock. Post earnings forecasts adjustments, we maintain BUY on Eversendai with a lower MYR0.90 TP (-10%) based on 12x 2017 PER. Potential job wins from ME and Malaysia Eversendai’s 2015 record high job wins of MYR1.73b was mainly from Middle East (64% of total) and 65% consisted of structural steel works. In 2016, Eversendai would continue tendering actively in Middle East and Malaysia but would tender selectively in India. The major events including World Expo 2020 in Dubai and World Cup 2022 in Qatar would continue to drive construction jobs in the M...