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.
BS Group CEO Piyush Gupta announced on Wednesday that the bank is in the process of raising its stake in a China securities joint venture from 51% to 91% , as part of its strategic move to strengthen its presence in China's capital markets. This announcement follows a series of aggressive measures by China aimed at revitalizing its struggling economy and capital markets. DBS confirmed that it is acquiring the stakes being sold by its Chinese JV partners, though the transaction is still subject to regulatory approval . Gupta emphasized that DBS plans to maintain a 91% holding in the JV platform, while continuing to leverage the value its Chinese partners bring to the business. DBS joins other foreign banks like JPMorgan and Morgan Stanley in increasing stakes in China’s securities JVs, following the lifting of the country’s foreign ownership cap . The move comes as China’s sluggish economy and markets have pressured the profitability of securities companies. However, the recen...