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.
US Federal Reserve (Fed) Chair Jerome Powell is facing an uphill battle to secure another large interest rate cut , especially as the labor market remains resilient . After the recent half-point rate reduction , which lowered the benchmark lending rate to 4.75%-5%, Powell emphasized the move was a recalibration to keep the labor market strong. This cut marked a break from the usual gradual approach of the Fed, with some officials supporting it based on inflation data showing that price growth was nearing the Fed’s 2% target . However, minutes from the meeting revealed that some officials preferred a more cautious 25-basis-point cut, indicating the Fed is not in a rush to cut rates quickly. Powell echoed this sentiment at a recent event, stating, "This is not a committee that feels like it’s in a hurry." Recent labor market data revealed a 254,000 increase in payrolls and a drop in unemployment to 4.1% , further supporting a measured approach. The Atlanta Fed’s GDP track...