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.
British inflation remained steady at 2% last month, contrary to forecasts predicting a slight decrease. Strong underlying price pressures led investors to scale back expectations of an interest rate cut by the Bank of England (BOE) next month. Key Highlights: Inflation Steady: British inflation held at 2% in June, defying forecasts of a slight fall to 1.9%. The BOE's concern about services prices was underscored by increases in hotel prices, partly driven by US pop star Taylor Swift's UK tour. Service Sector Inflation: Inflation for services remained at 5.7%, unchanged from May and slightly above the expected 5.6%. Market Reactions: BOE Rate Cut Bets: Investors reduced the likelihood of a BOE rate cut on August 1 to about 35%, down from nearly 50% before the data. The sterling rose to its highest in a year against the US dollar, trading just over $1.30. Economic Outlook: Ian Stewart, chief economist at Deloitte, highlighted that while the headline inflation is lower than in...