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.
BlackRock Inc. reported a new record for its assets under management, reaching US$11.48 trillion in the third quarter of 2024, marking its third consecutive quarterly high. This surge was driven by strong inflows into the company's exchange-traded funds (ETFs) and a rally in the equity markets. Stock markets rebounded after an August downturn, supported by optimism over a soft landing for the US economy and encouraging inflation data.
In the third quarter, BlackRock saw US$160 billion in long-term net inflows, with total net inflows hitting a quarterly record of US$221.18 billion, up significantly from US$2.57 billion a year earlier. Notably, ETFs attracted US$97.41 billion, while clients invested US$62.74 billion into BlackRock’s fixed-income products.
The asset manager's success was further bolstered by recent acquisitions. Last week, BlackRock completed its US$12.5 billion acquisition of Global Infrastructure Partners (GIP), adding over US$100 billion in assets. It is also set to close its US$3.2 billion acquisition of Preqin, a private markets data provider, later this year, further enhancing its presence in infrastructure investments and private markets.
Larry Fink, BlackRock’s CEO, emphasized the firm's strategy, stating, "Our strategy is ambitious, and our strategy is working," and highlighted the growing potential of infrastructure investments to support AI innovation.
BlackRock's net income for Q3 2024 rose to US$1.63 billion (US$10.90 per share), up from US$1.60 billion (US$10.66 per share) a year ago. The company's shares have risen by about 18% in 2024, slightly underperforming the S&P 500's 21% gain.
As interest rates ease, BlackRock and other asset managers are expected to benefit from capital flows into riskier assets, including fixed-income products.
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