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 Highlights: Sales Performance: Overall Sales: Richemont SA, the owner of Cartier, reported a 1% increase in sales at constant currencies, reaching €5.3 billion ($5.8 billion) in the first quarter, in line with analyst forecasts. Jewelry Sales: The company’s jewelry division showed strength with a 4% increase in sales. Challenges in Key Markets: China Sales Decline: Sales in Greater China plummeted by 27% during the quarter, reflecting cautious consumer behavior amid economic challenges. Luxury Watch Demand: The watchmaking division, which includes brands like IWC, Jaeger-LeCoultre, and Piaget, experienced a 13% overall sales decline, attributed to reduced demand for luxury watches. Management Changes: New Leadership: Amid a generational shift in management, Richemont, controlled by South African billionaire Johann Rupert, appointed Nicolas Bos as the new group CEO. Louis Ferla, the former head of Vacheron Constantin, will now lead Cartier, Richemont’s top-selling brand. Richem...