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.
Indian shares opened lower on Monday, led by a significant drop in Adani Group stocks after US short-seller Hindenburg Research made serious allegations. The NSE Nifty 50 Index fell 0.36% to 24,278.6, and the S&P BSE Sensex declined 0.34% to 79,427.67.
Hindenburg Research accused Madhabi Puri Buch, head of the Securities and Exchange Board of India (SEBI), of previously holding investments in offshore funds connected to Adani Group. Buch has denied these claims, stating that all her investments were properly disclosed.
The market regulator has urged investors to remain calm and exercise caution in response to the report. Despite the sharp drop in Adani stocks, analysts believe the overall impact on the Indian market will be minimal and any immediate reaction will be short-lived.
All ten Adani Group companies saw their shares drop between 2% and 8%, with Adani Enterprises and Adani Ports leading the losses, each falling about 5%.
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