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.
Shares of Reece Ltd (ASX: REH) collapsed as much as 22% on Monday — the sharpest single-day drop since 1978 — after the Australian plumbing supplies company reported a sharp fall in full-year profit and flagged prolonged weakness in the US housing market . Earnings Miss and Market Reaction Net profit: Fell 24% YoY to A$316.9m (US$205m) for the year ending June 30, missing analyst expectations. Revenue mix: The US accounted for 57% of total sales , making the group heavily exposed to America’s housing cycle. Market response: Shares plunged to their lowest in years, as investors digested the cautious guidance and deteriorating US demand outlook. US Housing Overhang Reece anticipates the US property market will remain constrained for the next 12–18 months , citing affordability challenges and tighter financing conditions. Its warning echoes recent profit downgrades across housing-related firms : James Hardie Indu...