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.
LVMH shares dropped by as much as 7.5% in Paris trading after its fashion and leather goods sales declined for the first time since the Covid-19 pandemic . This drop reflects the growing slump in demand from Chinese consumers , once a major driver of the luxury market. The company reported a 5% decline in organic revenue in the third quarter, marking the worst performance since the lockdowns of 2020. The slump in luxury stocks wiped out about US$33 billion from the market values of key European stocks, including Hermes , Richemont , and Kering . LVMH's shares have now fallen 21% this year. LVMH's Chief Financial Officer Jean-Jacques Guiony noted that consumer confidence in mainland China is still near the lows seen during the pandemic, with Beijing's recent stimulus efforts yet to yield a meaningful boost in consumption. Despite hopes for a rebound in the luxury market, Citigroup indicated that there has been "no improvement" in luxury spending following...