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.
Key Takeaway: Global oil supply will exceed demand in 2025 , with an estimated surplus of over one million barrels per day (bpd) , as production outpaces consumption, the International Energy Agency (IEA) reports. According to the IEA, rising production from non-Opec+ nations, led by the US, Canada, Guyana, and Argentina , is expected to increase by 1.5 million bpd, surpassing the forecast demand growth of 990,000 bpd in 2025. The surplus poses a challenge for Opec+ as it considers raising output amidst softer oil prices. Key Factors Affecting Demand: China’s economic slowdown and a shift toward electric vehicles have dampened oil demand growth, a shift the IEA attributes to China’s reduced role in driving global oil consumption. The rapid adoption of clean energy technologies is further displacing oil use in transportation and power generation. The IEA adjusted its 2024 demand growth forecast slightly higher to 920,000 bpd, reflecting unexpected gasoil demand. However, both the 2...