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 Biden-Harris administration is expected to finalize plans this week for steep tariff increases on certain Chinese imports. However, US industries are lobbying for the proposed duties to be softened, delayed, or even abandoned due to the potential economic impact. The tariffs, initially set to take effect on August 1 but delayed until September, target key sectors including electric vehicles, semiconductors, and strategic goods like steel and lithium-ion batteries. Key Takeaways: Industry Pushback : Various US manufacturers, ranging from electric vehicle producers to utility equipment makers, have requested that the tariff increases be reduced or delayed. They argue that the higher costs could harm their competitiveness and disrupt supply chains. Tariff Increases : The proposed tariff hikes include a quadrupling of tariffs on Chinese electric vehicles to 100%, doubling duties on semiconductors and solar cells to 50%, and imposing new 25% tariffs on lithium-ion batteries and steel. T...