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 US dollar is rallying this week as traders reassess the potential interest-rate cutting paths of the Federal Reserve compared to other global central banks. The Bloomberg Dollar Spot Index has climbed for a fourth consecutive session, marking its longest winning streak in a month. This momentum followed stronger-than-expected ISM data , which prompted traders to temper expectations for aggressive monetary easing by the Fed. Market sentiment shifted earlier in the week after Fed Chair Jerome Powell stated that the US economy remains on solid footing. According to Jayati Bharadwaj , a currency strategist at TD Securities, the dollar was previously oversold and was bound for a rebound as US economic data stabilized , while global economic indicators weakened. The rally has also been driven by a selloff in major currencies such as the pound and yen . The British pound fell over 1% after Bank of England Governor Andrew Bailey suggested the potential for more aggressive ...