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 President Joe Biden's comments about potential strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel spurred the rise in oil prices, which had already been climbing due to the conflict in the region.
Brent crude futures edged down 0.04% to US$77.59 per barrel but are on track for a weekly gain of 7.8%, the largest since February 2023. US West Texas Intermediate (WTI) crude steadied at US$73.71 per barrel, set for an 8.1% weekly advance, the biggest since March 2023.
The heightened caution led most Asian equities into the red, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.32%, and Australian shares dropping 1%. Meanwhile, Japan's Nikkei reversed early gains, trading 0.08% lower, and heading for a weekly loss of over 3%.
Investors are also focused on the US non-farm payrolls report due later, expected to show 140,000 job additions for September, slightly down from the previous month's 142,000.
Despite the rising geopolitical tensions, a slew of data points this week highlighted the US economy's resilience, with strong services sector activity and labor market performance bolstering confidence in the Federal Reserve's rate outlook. The dollar held near a six-week high, and gold prices inched up 0.06% to US$2,657.89 an ounce.
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