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.
Econpile Holdings Bhd has been awarded a RM71.2 million contract to perform demolition, substructure, and basement work for a 55-story building along Jalan Sultan Ismail, Kuala Lumpur. The contract was granted to its wholly-owned subsidiary, Econpile (M) Sdn Bhd, by Platinum Victory Property Sdn Bhd, as per the company's filing with the local stock exchange. Key Details: Project Scope and Timeline : The project involves comprehensive demolition, substructure, and basement work and is expected to be completed within 28 months, starting from September 2, 2024. Financial Impact : Despite being in the red for twelve consecutive quarters, Econpile expects this new contract to positively impact its revenue and earnings beginning in the financial year ending June 30, 2025. The company's net loss widened to RM25.2 million for the fiscal year ending June 30, 2024, from RM15.7 million the previous year, despite an 11.1% increase in revenue to RM417.6 million. Market Reaction : Shares in ...