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.
Key Highlights: Stock Performance: Puig Brands SA shares dropped 9% intraday on Friday to a low of €17.90 , marking a 27% decline since its May IPO. Shares partially recovered but ended 3.5% lower at €18.99 . Product Withdrawal: Charlotte Tilbury, a Puig brand, issued a global voluntary recall for select batches of its Airbrush Flawless Setting Spray due to an "isolated quality issue." Puig clarified that the issue does not affect product safety. Impact on Earnings: Citigroup estimates the affected products account for 5% of Puig's makeup division sales . Analysts foresee a low-single-digit downgrade in consensus EPS projections for 2024, though Puig maintains confidence in meeting its full-year and mid-term guidance. Market Outlook: The recall adds pressure to Puig’s stock, which has struggled since its IPO. Investor focus will remain on Puig’s ability to manage quality issues and stabilize its performance. Takeaway: The voluntary recall underscores Puig’s commitm...