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.
Shein , the fast-growing online fashion retailer, has expanded its team of banks to handle its £50 billion (US$65 billion) London IPO , which could become one of the largest listings in the city's recent history, according to sources familiar with the matter. Barclays plc and UBS Group AG have joined Goldman Sachs , JPMorgan Chase , and Morgan Stanley as bookrunners for the IPO, which could take place as early as next year. Shein, initially eyeing a US listing, rerouted its IPO to London after the US Securities and Exchange Commission (SEC) rejected its request to submit a preliminary prospectus confidentially. The listing still requires regulatory approvals from both China and the UK . Shein, founded in China and now based in Singapore , has built its reputation through a model of high-volume, low-cost fashion , competing with rivals like ByteDance’s TikTok and PDD Holdings Inc’s Temu . In the UK, Shein saw a 38% increase in revenue in 2023 and expanded its presence with...