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.
The Malaysian government unveiled a series of tax incentives aimed at reviving the Forest City special financial zone , including a 0% to 5% corporate tax rate and 0% tax for family offices. These measures are designed to attract international capital , businesses , and high-net-worth individuals to the area. Finance Minister II Datuk Seri Amir Hamzah Azizan announced a 15% personal income tax rate for knowledge workers and Malaysians who choose to work in Forest City, along with a 0% tax rate for family offices . The government aims to have the scheme operational by the first quarter of 2025 . The incentives are part of a broader effort to position Forest City, a 1,400-hectare development in Johor , as a hub for global financial services , financial technology , and foreign payment system operators . Forest City, which was declared a special financial zone in August 2023, has experienced slower-than-expected growth and currently houses a small fraction of its target 700,000 pop...