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.
Amidst a prolonged slump in Hong Kong's commercial property market , Chinese state-owned firms have emerged as key buyers, snapping up shopping malls and office spaces as local and international investors pull back. Although current deal sizes are smaller than during Hong Kong’s peak six years ago, these purchases highlight the city’s increasing dependence on Chinese capital. China Resources Longdation Co , the property management arm of state-owned China Resources Holdings Co , has been actively acquiring retail spaces in Hong Kong. This includes purchasing a waterfront shopping mall for HK$540 million (US$69 million) in July and another retail podium for HK$310 million earlier this year. Additionally, the firm reportedly made a HK$9 billion offer for the K11 Art Mall from New World Development Co , potentially one of the largest commercial property deals of the year. Chinese Buyers Capitalize on Low Prices "The timing is good to buy prime retail properties in Hong Kon...