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.
Strong Market Debut Chinese automaker Chery Automobile surged 11.2% in its first day of trading on the Hong Kong Stock Exchange Thursday, after raising US$1.2 billion in the city’s second-largest IPO this year. The stock opened at HK$34.20 , compared with the offer price of HK$30.75 , while the Hang Seng Index gained 0.1%. IPO Demand and Valuation Chery sold 297.4 million shares at the top end of its HK$27.75–HK$30.75 range, giving the company a market value of nearly US$23 billion . Institutional tranche oversubscribed 11.6 times Retail tranche covered an exceptional 308 times The strong demand underscores investor appetite for new energy and smart vehicle plays. Cornerstone Support Almost half of the offering was taken up by cornerstone investors, who subscribed for US$587 million worth of stock. Notable buyers included: China’s Enterprise Mixed-Ownership Reform Fund...