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.
Bitcoin has seen a sharp decline, falling 7.3% in 24 hours to $94,976 , according to CoinDesk data, after briefly hitting record highs earlier this week. The drop comes as the Federal Reserve’s hawkish tone on future rate cuts spooked markets. Key Drivers Behind Bitcoin's Slide Fed’s Rate Signals: The Federal Reserve announced fewer anticipated interest rate cuts for 2025, dampening market sentiment across equities and cryptocurrencies. Broader Market Pullback: Bitcoin's decline follows the S&P 500's 2.95% drop on Wednesday, its worst Fed decision-day performance in nearly 15 years. Upcoming PCE Inflation Data: The Personal Consumption Expenditures (PCE) report, a key inflation measure, is expected to further shape expectations for rate cuts and could impact crypto prices. Market Sentiment Cyclical Nature: Analysts view Bitcoin's pullback near the $100K psychological level as part of its natural cycles, where indecisi...