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.
Sales of new US homes dropped unexpectedly for the second consecutive month in June, reaching their lowest level since November. The persistent combination of high mortgage rates and home prices continues to deter potential buyers. Key Statistics: New Home Sales: Decreased by 0.6% to an annual pace of 617,000, according to government data. Economist Expectations: The actual figure fell short of the 640,000 median estimate in a Bloomberg survey. Inventory: Increased to 476,000 homes in June, the highest since 2008. At the current sales rate, this inventory would last 9.3 months, the longest duration since October 2022. Market Dynamics: Mortgage Rates: Thirty-year mortgage rates have dipped below 7% recently but are still significantly higher than the end of 2021, prompting builders to offer sales incentives like mortgage buy-downs. Home Prices: The median sales price of a new home in June was US$417,300, relatively unchanged from a year ago, indicating that elevated inventory...