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.
Federal Reserve Chair Jerome Powell indicated on Monday that the US central bank is likely to proceed with a measured approach to interest rate cuts, emphasizing that there is no urgency to act quickly. His comments came as new data bolstered confidence in the ongoing economic growth and consumer spending. "This is not a committee that feels like it is in a hurry to cut rates quickly," Powell stated during a conference with the National Association for Business Economics . This comes after the Federal Open Market Committee's recent decision to initiate an easing cycle with a larger-than-expected half-percentage-point reduction during its meeting on September 17-18. Powell affirmed that the Fed is prepared to adjust the speed of its rate cuts to align with its goal of maintaining inflation near the 2% target while keeping unemployment low. “We will do what it takes in terms of the speed with which we move,” he said. Projected Rate Cuts and Economic Growth Despite discus...