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.
China’s 5% growth target for 2024 is under intense scrutiny, with sluggish consumer spending , an uncertain export outlook , and a shaky property market casting doubt over its feasibility. In late September, Beijing introduced a series of stimulus measures , leading to a historic stock rally. However, investor disappointment soon followed as the support measures were seen as insufficient, prompting further government promises of aid for the property sector and hints at increased government borrowing . The Economic Downturn Before these latest efforts, many global banks were already skeptical that China could meet its growth goal. Deflationary pressures were rising, with new-home prices hitting their lowest levels since 2014, and consumer confidence slumped to a multi-year low. Analysts questioned the effectiveness of fiscal and monetary policy, while China's export growth reached its highest value in two years but was met with global resistance due to cheap Chinese goods . Late...