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.
Bond investors are adopting defensive positions as uncertainty around the Federal Reserve's interest-rate cuts continues to mount. A combination of persistent inflation and weaker-than-expected labor market data has led traders to scale back expectations for further Fed easing in 2024. This shift drove Treasury yields to their highest levels since July, while volatility in the bond market , as measured by the ICE BofA Move Index , climbed to its highest point since January. Amid this uncertainty, asset managers such as BlackRock Inc. , Pacific Investment Management Co. (PIMCO) , and UBS Global Wealth Management are recommending that investors focus on five-year bonds , which offer a balance between risk and reward. Solita Marcelli , chief investment officer at UBS Global, suggests positioning portfolios in medium-term Treasuries and investment-grade corporate securities to hedge against potential economic shocks and capitalize on durable income opportunities. Investors have ...