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.
President Xi Jinping's administration is under intensifying pressure to address the downturn in China's consumer spending, which has emerged as a significant threat to global economic stability. Alarming Economic Indicators Services Activity: A critical gauge of Chinese services activity, covering the retail sector, teetered on the edge of contraction in July for the first time since last year. This is part of a broader disappointing economic picture revealed by recent purchasing manager indexes. Deflationary Pressures: Persistent deflationary pressures are evident, not just in manufacturing but across various sectors. Impact on Global Brands Consumption's Role: For the first time since late 2022, consumption contributed less than half to China’s US$17 trillion economy in the second quarter. Affected Brands: The consumer spending slump has hit global brands like Starbucks, L'Oréal, and Japan's Fast Retailing, leading to declining sales and stock valuations. Econ...