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.
Japan’s Nikkei share average rose 0.58% on Wednesday to 39,172.30, driven by tech stocks tracking gains in their US counterparts. Shares of Seven & i Holdings, the owner of 7-Eleven, surged following a report of a sweetened takeover bid from Circle K-owner Alimentation Couche-Tard.
Seven & i jumped as much as 11.77% after a Bloomberg report indicated that the Canadian retailer was preparing to raise its offer to about US$47 billion (RM201.35 billion). It last traded 4.1% higher.
Meanwhile, Fast Retailing, the owner of Uniqlo, also supported the Nikkei, rising 0.76% due to its heavy influence on the index. Chip-sector stocks also contributed to the gains, with Nvidia supplier Advantest up 3.05%, and Tokyo Electron and SoftBank Group gaining 1.1% and 0.91%, respectively.
In contrast, energy stocks underperformed, with Idemitsu Kosan and Inpex sliding 3.51% and 3.18%, respectively, amid a retreat in crude oil prices. The broader Topix index remained flat as gains in growth shares were offset by declines in value shares.
Nomura raised its year-end forecast for the Nikkei to 40,000 from 38,000, citing factors such as the end of deflation and corporate governance reforms, while noting that economic and policy risks are expected to recede in the near term.
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