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.
Oil Surges, HSBC Tightens, and Shein Eyes IPO: 5 Key Market Movers to Start Your Day in Asia Rising Tensions : Oil prices surged over 5%, with West Texas Intermediate (WTI) settling above $73 per barrel , as markets brace for the possibility that Israel’s retaliation against Iran could target critical oil infrastructure . President Joe Biden confirmed discussions about potential support for strikes on Iranian oil facilities, raising concerns of global energy disruptions . HSBC Cuts Costs : HSBC is canceling events and cutting back on travel expenses as the bank’s new CEO, Georges Elhedery , focuses on reducing costs. The bank recently scrapped a summit in India and introduced restrictions on internal trips, aiming to trim $2 billion in expenses ahead of its first quarterly results under the new leadership. Shein Eyes IPO : Shein , the online fashion giant, is preparing for informal meetings with investors ahead of a potential London IPO , according to sources. The company awa...