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 companies flooded the debt markets on Monday, raising billions following the Federal Reserve's recent decision to cut its benchmark interest rate by half a percentage point. This rate cut has lowered borrowing costs, giving corporations a fresh opportunity to refinance and raise capital. Among the high-grade issuers, T-Mobile and others collectively raised $12.2 billion , with market activity rebounding after last week's sales fell short of issuance forecasts. Syndicate desks predict the total for this week could reach $20 billion to $25 billion . Additionally, 10 companies tapped into the junk-bond market , making it the busiest day of the year for the number of issuers. In the leveraged loan market , 18 deals were launched on the same day. The Fed's rate cut has tightened credit spreads , which is encouraging companies to refinance existing debt or raise fresh funds ahead of potential market volatility due to upcoming US elections or new economic data releases. Acc...