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.
India plans to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty, as rice inventories in the country reach record highs, according to government sources. Key Points: Export Restrictions: India is expected to lower the minimum export price (MEP) for basmati rice to US$800-US$850 per metric ton from US$950 to boost shipments. The move aims to help India maintain its market share against Pakistan, which exported a record amount of rice this year. Parboiled Rice Tax: The 20% export tax on parboiled rice is likely to be replaced with a minimum export tax to prevent under-invoicing of shipments. Stockpile Concerns: India's rice stocks at state warehouses have reached 48.51 million metric tons as of July 1, the highest ever for the month and nearly 19% more than last year. Easing export restrictions is seen as crucial to reducing stockpiles and preventing spoilage. Export Ban Review: The government will review the export ban on...