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.
As the US election approaches, investors are increasingly cautious about the outlook for the US dollar , favoring trades that steer clear of the world’s reserve currency. Major financial institutions, including Wells Fargo , RBC , and Allspring Global Investments , report a clouded near-term direction for the dollar, prompting a shift in market strategies. With uncertainty surrounding the election outcome, traders are exploring alternative currency pairs, such as shorting the Swiss franc against the Japanese yen and buying the British pound against the New Zealand dollar . "Investors are trying to stay clear of the dollar and take more cross-currency exposure," noted Elsa Lignos , global head of FX strategy at RBC Capital Markets. Traditionally, the dollar plays a dominant role in the foreign-exchange market, accounting for 88% of all trades in the $7.5 trillion-a-day market. However, with the Federal Reserve debating interest rate cuts and the election looming, the risk of...