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.
Malaysia's aviation passenger traffic is now expected to recover to 94% of pre-pandemic levels in 2024, a significant upgrade from the previously projected 4% growth, according to MIDF Research . The revision comes in response to ongoing industry challenges such as aircraft delivery delays and shortages of parts and labor. Despite these obstacles, the recent appreciation of the ringgit and easing fuel prices are providing a boost to airlines, whose expenses, particularly jet fuel, are largely US dollar-denominated . MIDF anticipates that the high-yield environment will persist, leading to rising fares , especially with Malaysia Airlines reducing its capacity by 20% for the remainder of the year. Key international markets fueling the recovery are Indonesia, China, and India , with recovery rates for China and India reaching 98% and 93% respectively by the end of Q2 2024. This growth is further supported by a 30-day visa-free travel policy extended by China until December ...