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.
US stocks rebounded after a rather bad week.
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| Wall Street Update |
The Standard & Poor’s 500 Index’s still lost slightly for the week, albeit only at less than 1% after the rally yesterday. Statistical data released has shown a higher retail sales. Banks seen a rally of about 4% after JPMorgan Chase & Co.’s Jamie Dimon said he bought more shares in the bank, while Commerzbank AG’s results helped European equities rebound from the lowest level since 2013.
The yield on 10-year Treasuries climbed for the first time in six days. Crude rallied 12 percent from a 12-year low to top $29 a barrel in New York.
The week ended on a slightly positive note for US and European shares, as Commerzbank’s results eased concern that lenders won’t find ways to be profitable amid dwindling interest rates. Dimon’s vote of confidence was echoed by Norway’s sovereign wealth fund, which boosted its stake in Credit Suisse AG.
The positive news couldn't be more timely as crude also delivered its biggest rally in three weeks.
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