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.
The cost of shipping a standard 40-foot container from Shanghai to New York has surged to nearly $10,000, causing frustration among US importers and raising concerns about a potential market bubble. Rising Shipping Costs The Drewry World Container Index reported a spot rate of $9,387 for a 40-foot container shipment on July 11. This rate is more than double the price from February, though still below the pandemic peak of $16,000. Factors Driving the Increase Yemen's Houthi Rebels Missile and drone attacks by Yemen's Houthi rebels have forced ships to avoid the Suez Canal, opting for the longer route around Africa. This detour requires more ships to transport the same volume of goods, leading to shortages and delays that have driven up shipping costs. Seasonal Demand US retailers are importing goods earlier in preparation for the back-to-school, Halloween, and Christmas seasons. This rush during the peak importing season has quickly made rates much more expensive. Industry React...