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.
Kuwait Finance House (Malaysia) Bhd (KFH Malaysia), the first foreign Islamic lender in the country, is planning to exit Malaysia after nearly two decades of operations, according to industry sources. Strategic Refocus “It is exiting to focus entirely on the Middle East,” an industry source said. KFH Malaysia is wholly owned by Kuwait Finance House, the largest bank in Kuwait and the second-largest Islamic bank globally. Earlier this year, Kuwait Finance House merged with Ahli United Bank of Kuwait. Limited Presence in Asia Apart from Malaysia, Kuwait Finance House does not have a presence elsewhere in Asia. The group was not immediately available for comment. KFH Malaysia is one of only two remaining stand-alone foreign Islamic banks in the country, the other being Al Rajhi Banking & Investment Corp (Malaysia) Bhd. The bank has faced challenges in gaining market share in Malaysia's competitive market since its establishment in August 2005. Currently, there are 17 Islamic len...