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.
Shares of BP Plastics Holding Bhd dropped to a nine-month low at RM1.18 , declining 2.5% after reporting a nearly 90% drop in 3QFY2024 net profit . The company declared a 1.50 sen dividend , despite earnings of just 0.26 sen per share for the quarter. For the Jan-Sept 2024 period, net profit fell 33% to RM16.94 million , while revenue rose 7.4% year-on-year to RM370.09 million . Analysts cite global economic uncertainties , elevated costs , and a strengthening ringgit as major challenges for the flexible plastic packaging industry . Despite short-term headwinds, Kenanga Investment Bank remains optimistic, highlighting potential growth from new products with higher margins and premium-grade stretch films , expected to form over 30% of sales in coming years. T...