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.
China’s luxury market could recover within the next 24 months as the country’s economy strengthens, according to Bulgari CEO Jean-Christophe Babin. While Bulgari’s brick-and-mortar sales in China have slowed, online channels continue to perform well, reaching a broader customer base, including smaller cities. Babin’s outlook comes as luxury brands worldwide, from Swiss watchmakers to fashion labels, face challenges attracting Chinese consumers. LVMH saw a 16% drop in sales in the China region in Q3, while Kering SA warned that annual profit could hit its lowest since 2016 due to Gucci's 25% sales drop amid China’s post-Covid economic slowdown. Babin highlighted Bulgari’s focus on the women’s watch market and in-house manufacturing capabilities as factors allowing the brand to adjust to shifting demand, even in challenging markets like China.