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.
Contracts to purchase previously owned homes in the US fell sharply in July, reaching their lowest level since the National Association of Realtors (NAR) began tracking the data in 2001. The Pending Home Sales Index, which is based on signed contracts, dropped 5.5% to 70.2 in July, far below economists' expectations of a 0.4% increase. On a year-on-year basis, pending home sales plummeted by 8.5%. Key Factors: Impact of High Prices and Borrowing Costs : The significant decline in pending home sales reflects the challenges of affordability, with higher home prices and increased borrowing costs deterring potential buyers from the market. Broad Regional Decline : The drop in pending home sales occurred across all four major US regions, indicating a nationwide trend of reduced buying activity. Subdued Sales Outlook : With elevated house prices and economic uncertainty, particularly ahead of the US presidential election, the sales activity is expected to remain low. The share of consume...