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.
Hong Kong's recent uptick in home sales may struggle to maintain momentum due to the city’s weak economic outlook and high interest rates . According to data from Midland Realty , the number of new home transactions in the seven days following Chief Executive John Lee's policy address increased by 20% , with notable launches like Sun Hung Kai Properties Ltd’s project in Kai Tak boosting sales. Prices for second-hand transactions also saw a slight rise of 0.5% during the same period, per Centaline . Despite this short-term growth, property agents remain cautious about its sustainability. High borrowing costs and poor economic sentiment are deterring more buyers from entering the market. Interest rates in Hong Kong remain high, with the one-month interbank rate at 4.2% , and almost all new mortgages are tied to floating rates . “ The residential market is greatly affected by interest rates and economic circulation ,” said Rosanna Tang , head of research at Cushman & W...