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.
On Tuesday, companies worldwide rushed into debt markets to issue bonds and loans, raising a staggering $43 billion in the US market alone, led by blue-chip firms like Ford Motor Credit Co., Formula 1, Petrobras, and Saudi Arabia’s sovereign wealth fund. This marks the busiest single sales day in recent years, as issuers look to capitalize on favorable borrowing costs ahead of potential rate hikes and market volatility due to the upcoming US presidential election. Key Highlights: Record Bond Sales Amid Low Yields : Nearly 30 blue-chip companies issued around $43 billion of bonds in the US market, while 24 companies and government-linked issuers raised €22.60 billion in Europe. Asian borrowers, including the Indonesian government, also joined the issuance spree. Investment-grade corporate debt yields averaged 4.52%, near their lowest in two years, prompting issuers to lock in low rates. Preemptive Borrowing Ahead of Potential Volatility : Despite expectations that the Federal Reserve (F...