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.
Retain outperform with unchanged target price (TP) of RM4.00 We came away from SCGM?s analyst briefing with some encouraging highlights. As expected, its biodegradable lunch boxes are receiving strong response in anticipation of the regulatory ban on polystyrene in several states effective next year. With the newly installed capacity at its new premise, the group?s extrusion capacity will expand by 33% to 33m kg/year and reach 36m kg/year by end-FY17 when the dual-colour extrusion is ready. In addition, it will also increase its selling prices across all its products by 10% to offset the recent hike in resin prices. Maintain Outperform call with an unchanged TP of RM4 . Strong pick-up in lunch boxes. In view of the regulatory bans on polystyrene foam packaging in several states effective next year, there is increasingly strong demand for the biodegradable lunch boxes. It registered RM2m sales for the lunch boxes in the recent quarter compare...