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.
Azam Jaya Bhd , a Sabah-based construction firm , saw its stock soar 39.74% to RM1.09 on its debut on the Main Market of Bursa Malaysia , up from its initial public offering (IPO) price of 78 sen . The stock reached an intra-day high of RM1.16 , reflecting strong investor interest, with 68.3 million shares traded, making it the second most active counter of the day. At the closing price, Azam Jaya’s market capitalization was RM545 million . The firm, which specializes in road infrastructure projects in Sabah , has RM1.08 billion in unbilled contracts across eight projects. Proceeds from the IPO will fund working capital (RM28.4 million) , debt repayment (RM20 million) , and machinery upgrades . Azam Jaya aims to expand beyond Sabah, targeting Sarawak and Kalimantan as potential growth markets.