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.
Mortgage rates in the US have risen to their highest levels since July, potentially dampening homebuyer activity amid already elevated home prices. The average rate on a 30-year fixed mortgage hit 6.84% this week , up from 6.785% the previous week, according to Freddie Mac. This is the highest rate in four months and comes close to the 7.29% average recorded a year ago during the same period. Despite the Federal Reserve cutting interest rates twice since September , US treasury yields have surged in response to strong economic data and concerns over potential inflationary effects from policies proposed by President-elect Donald Trump , such as higher tariffs on imports and mass deportations. Mortgage rates closely follow the 10-year Treasury note , which has been affected by these economic conditions. The rise in mortgage rates, combined with high home prices, is expected to sideline many potential buyers in the near term, adding further uncertainty to the housing market.