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.
Market Update: Recession Fears Impact Global Markets; NATGATE Sees a Sharp Drop Despite Fraud Case Denial
Global Market Overview: Global markets took a major hit with all major indices in the red: DJIA: -2.08% S&P 500: -2.69% Nasdaq: -4.00% Key Takeaways: Recession fears triggered a sell-off in technology stocks, with Tesla leading the way, dropping 15.43%. In contrast, other major tech stocks like the Magnificent Seven saw declines between 2-5%. U.S. job market data suggests job losses are likely to accelerate, which could trigger further layoffs and tighter job markets. Oil and stock markets faced additional pressure from trade tariffs imposed on exports from Mexico, China, and Canada, which also dampened investor sentiment. US Treasury Yields: The 10-year Treasury yield dropped to 4.16% , reflecting a cautious market as bond futures saw a significant sell-off, following predictions of possible interest rate cuts by the Federal Reserve in upcoming meetings. Malaysia Market Snapshot: MYR: Closed at...