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.
Swedish EV battery maker Northvolt has filed for Chapter 11 bankruptcy protection in the US, delivering a major setback to Europe’s efforts to reduce reliance on Chinese battery manufacturers. Key Developments Northvolt reported it has just US$30 million in cash , enough to operate for about a week, and US$5.8 billion in debts. It has secured US$100 million in new financing for the bankruptcy process as part of a US$245 million package . Operations will continue during restructuring, which is expected to conclude by Q1 2025 . Why It Matters Northvolt, seen as Europe’s best hope for a homegrown EV battery industry , has faced mounting challenges, including production issues, loss of a major customer, and funding shortages. The crisis underscores the stiff competition from China , which controls 85% of global battery-cell production (International Energy Agency). Stakeholder Impact Volkswagen (21% shareholder): Monitoring the situation closely but has declined to comment on potential...