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.
Warren Buffett’s Berkshire Hathaway Inc. has sold US$338 million worth of Bank of America Corp. stock this week, continuing a series of disposals that began in mid-July. This marks the 13th round of sales, but the pace has slowed, with this latest round fetching some of the lowest prices since the spree started.
The average price of the shares sold on Tuesday and Wednesday was US$39.40, lower than most of the previous trading days. Earlier rounds of sales reaped around US$750 million per round.
Buffett, 94, has not publicly explained why he is reducing Berkshire’s large stake in the bank, although Berkshire Hathaway still remains the largest shareholder in Bank of America, holding 10.2% of the stock, valued at over US$31 billion.
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