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.
Key Takeaway: Country Garden submits a preliminary debt restructuring proposal to creditors in a bid to avoid liquidation, as its cash flow outlook worsens amidst China's struggling property market. Restructuring Proposal Details Preliminary Terms Submitted: The proposal includes revised cash flow projections , indicating weaker cash flow in the coming years compared to earlier estimates. Aims to demonstrate the company’s ability to meet obligations. Objective: To gain creditor support ahead of the next Hong Kong court hearing on Jan. 20, 2025 . Background Default: Once China's largest developer, Country Garden defaulted on US$11 billion (RM49.2 billion) in offshore bonds late last year. Facing a liquidation petition in Hong Kong. Missed Deadline: Initially planned to publish term sheets in September 2024 for creditor approval, but the deadline was missed. China's Property Market Struggles Economic Measures: Government efforts to revive the property sector have includ...