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 stock futures fluctuated on Thursday as traders digested the latest Producer Price Index (PPI) data, which showed no change in prices for September, thanks to declining gasoline costs. The data pointed to progress in taming inflation, but it had little impact on market sentiment. S&P 500 futures remained largely unchanged, while Treasury yields saw slight losses across the curve, with the 30-year bond yield reaching its highest level since July.
Meanwhile, major US banks posted strong earnings, boosting bank stocks. JPMorgan Chase & Co. surprised investors with a gain in net interest income for the third quarter, raising its revenue forecast. Wells Fargo & Co. reported higher-than-expected profits, thanks to a surge in investment-banking fees that offset lower lending revenue. BlackRock Inc. also reported record client cash inflows of $221 billion, pushing its total assets under management to an all-time high of $11.5 trillion.
In other corporate news, Tesla Inc. unveiled its highly anticipated self-driving taxi at a flashy event, though specifics on the vehicle's rollout were sparse. Boeing Co. continued to face labor challenges, filing unfair labor practice charges against union representatives.
Key market movements:
- S&P 500 futures: Little change
- Nasdaq 100 futures: Fell 0.1%
- Dow Jones Industrial Average futures: Little change
- Bitcoin: Rose 2.8% to $61,375.66
- WTI crude: Fell 0.6% to $75.39 a barrel
- Spot gold: Rose 0.7% to $2,648.84 an ounce
Overall, markets remained cautious, with investors focusing on upcoming data releases, including the University of Michigan Sentiment survey and continued monitoring of inflation and interest rate trends.
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