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.
Key Takeaway: Iron ore futures extended gains for a sixth consecutive day, climbing past US$107 a tonne to reach their highest level in more than six months, driven by Chinese restocking demand and expectations of stronger steel production. Market Rally Singapore futures: Up 1.9% to US$107.45 a tonne as of 10:42 a.m. local time. Dalian yuan-priced futures: Hit their highest since July. Shanghai steel futures: Also advanced, reflecting improved demand outlook. The rally marks the longest winning streak since January . Drivers Behind the Surge Chinese demand: Restocking accelerated after steel mills resumed operations post-military parade. The event, commemorating 80 years since Japan’s WWII defeat , had led to temporary production cuts in northern China to reduce pollution. Market sentiment: Analysts at CITIC Securities noted “significant downstream demand rebound” post-parade. Optimism over potenti...