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.
Key Takeaway Xiaohongshu’s valuation surged 19% in three months to US$31B , fueled by investor appetite for a TikTok alternative and renewed confidence in Chinese startups amid government support for private firms. Valuation Highlights Current Valuation : US$31B (as of June 2025) Previous Valuation : US$26B (March 2025) Growth : +19% in just three months Source : GSR Ventures fund portfolio filings reviewed by Bloomberg Drivers Behind the Surge TikTok Risks : U.S. ban threats push investors to back alternatives. Policy Support : Beijing’s pro-private sector stance revived sentiment. Dominance in Fund : Xiaohongshu made up 92% of GSR’s fund assets as of June. Investor Rotation : New LPs included LGT Capital Partners and Merit Asset Management ; some StepStone funds trimmed positions. Company Snapshot Founded : 2013 by Charlwin Mao Wenchao & Miranda Qu Fang Global Branding : Known as RedNote in the U.S. Positioning : Marketed...