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.
BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast-beating second-quarter profit of US$2.76 billion (RM12.75 billion). This profit was bolstered by stronger oil prices and retail performance, despite weak refining. The results are expected to ease pressure on CEO Murray Auchincloss, who has been focusing on the most profitable operations, primarily in oil and gas, since taking office in January. This marks a shift from former CEO Bernard Looney’s strategy of expanding renewables and reducing fossil fuel output. BP has greenlit the development of the Kaskida oilfield in the US Gulf of Mexico and a low-carbon hydrogen project at its Castellon refinery in Spain. Key Takeaways: Dividend Increase: BP raised its dividend by 10% to eight cents per share, in line with analysts' expectations. Share Buyback: The company maintained its share buyback programme at US$1.75 billion for the next three months and committed to buying a to...