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.
Maintain Hold with unchanged target price (TP) of RM0.210 Scomi Energy Services Bhd Highlights Following are the salient points from analyst briefing on last Friday. Oilfield revenue was up QoQ due to stronger chemical sales to Indonesia and Turkmenistan. On the other hand, weaker drilling activities in Malaysia, Thailand, Myanmar and Vietnam had partially offset the positive impact. Overall, drilling activity was down significantly YoY with Drilling Fluid (DF) rig count declining by 37% to 34 rigs in Dec 15 since beginning of Jan 15. Cost-cutting initiative by the group started to bear fruit with its OPEX down to RM37.9m (-18%) in Q3FY16. The group expects to bring the costs down further through more outsourcing of non-core business functions (i.e. warehousing or logistics) and this would put the group in a stronger position to weather the current downturn in the O&G industry. Marine segment is expected to continue registering losses for the time being as majority of i...