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.
Shipping stocks across Asia plummeted after dockworkers at US East and Gulf coast ports agreed to suspend their strike , dashing hopes that container rates would rise due to reduced supply. Japan’s Kawasaki Kisen Kaisha Ltd dropped as much as 13% in Tokyo, while Mitsui OSK Lines Ltd fell by more than 9% . In South Korea, Pan Ocean Co Ltd and Korea Line Corp both saw declines, with Pan Ocean down 5.5% . Meanwhile, Cosco Shipping Holdings Co , listed in Hong Kong, plunged over 12% in early trading. Thailand's Regional Container Lines PCL is also expected to be in focus when markets open there. Analyst Tsuyoshi Hori of Mito Securities Co in Tokyo noted, "The view had been that the container shipping market would rise as a result of the strike continuing." With the strike paused, short-term traders have reversed their trades . The US dockworkers’ decision to resume cargo movement came after the labor contract expired, affecting ports from Houston to Boston . The s...