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.
Retain outperform with unchanged target price (TP) of RM4.00 We came away from SCGM?s analyst briefing with some encouraging highlights. As expected, its biodegradable lunch boxes are receiving strong response in anticipation of the regulatory ban on polystyrene in several states effective next year. With the newly installed capacity at its new premise, the group?s extrusion capacity will expand by 33% to 33m kg/year and reach 36m kg/year by end-FY17 when the dual-colour extrusion is ready. In addition, it will also increase its selling prices across all its products by 10% to offset the recent hike in resin prices. Maintain Outperform call with an unchanged TP of RM4 . Strong pick-up in lunch boxes. In view of the regulatory bans on polystyrene foam packaging in several states effective next year, there is increasingly strong demand for the biodegradable lunch boxes. It registered RM2m sales for the lunch boxes in the recent quarter compare...