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.
Reiterate Buy Call with unchanged target price (TP) of RM1.53 Jaks Resources Bhd We met up with management to get clarification on its FY15 results performance and the progress of its flagship Vietnam project. We came back feeling reaffirmed with its prospects premised on managements’ commitment and focus in executing its on-going projects, which are progressing well on time coupled with its aim to de-gear further from its current net gearing levels of 1.0x through the disposal of its investment property assets and development project. Hence, we are reiterating our Trading Buy call on JAKS with an unchanged FV of RM1.53 based on 25% discount to its SoP value of RM2.04. 2015, a year of improvements. Recently, JAKS just concluded its FY15 results, which registered Core Net Profit (CNP) of RM14.5m and was lower than our full-year expectations of RM19.3m. Our CNP was derived after excluding the net gains from the disposal of the 70% stake in a subsidiary (RM30.1m), disposal g...