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.
Pernod Ricard SA , the French spirits maker behind brands like Absolut Vodka and Martell Cognac , reported a 5.9% drop in organic sales for the fiscal first quarter, falling short of analyst estimates. Sales totaled €2.78 billion ($3 billion) , slightly below the forecast of €2.84 billion . The decline is attributed to persistently weak demand in the company’s top markets, China and the US , as consumers pull back on spending on premium spirits. Pernod Ricard's China sales plummeted 26% during the quarter, worsened by low consumer confidence driven by the country's real estate crisis . CEO Alexandre Ricard expects a further drop in Chinese sales this year, surpassing last year’s 10% decline . In addition, anti-dumping measures imposed by China on brandy imports from the European Union have also impacted sales. This action followed the EU’s decision to impose tariffs on Chinese electric vehicles. Meanwhile, US consumers remain cautious, curbing their purchases of high-en...