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.
The proposed $14.9 billion takeover of US Steel by Japan's Nippon Steel has raised national security concerns in the US, with fears that the acquisition could jeopardize the supply of steel crucial for key sectors like transportation, construction, and agriculture. The Committee on Foreign Investment in the United States (CFIUS) outlined these concerns in a 17-page letter to both companies. Key Takeaways: National Security Concerns Cited by CFIUS : CFIUS argues that Nippon's control over US Steel could lead to reduced domestic steel production capacity. The committee also emphasized that Nippon, as a foreign entity, may be less inclined to seek trade protections against cheap foreign steel, particularly from China, which continues to flood global markets with low-cost exports due to government interventions. This position reflects apprehensions about the potential for a weaker stance on protecting US steel interests under foreign ownership. Political and Trade Implications : Th...