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.
The European Union (EU) has decided to move forward with higher tariffs on electric vehicles (EVs) from China, intensifying trade tensions between the two economic powers. The new tariffs will peak at 45% , with the levies depending on the manufacturer and ranging from 8% to 35% on top of the existing 10% rate. The tariffs will come into effect later this week. This decision follows months of negotiations and threats of Chinese retaliation , with Beijing warning of potential consequences, including tariffs on European goods. China has already hinted at retaliatory measures, including possible actions against dairy, pork , and large-engine cars from Europe. Chinese automakers, especially BYD Co. , have rapidly grown in the global EV market, raising concerns among European carmakers such as Mercedes-Benz and BMW about potential damage to their sales in China. Volkswagen is already considering closing several factories in Germany due to the pressures in the market. The EU's...