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.
Mitsubishi Corp, one of Japan's leading trading houses, has reportedly suffered losses exceeding $90 million (RM402.10 million) due to suspected fraudulent activities by a Shanghai-based copper trader. This incident adds to the growing list of scandals within major commodity trading firms, raising concerns about internal controls in handling billions of dollars in commodities. Details of the Fraud The loss stems from unauthorized trades made by Gong Huayong , a trading manager at Mitsubishi Corporation RtM China Ltd . Investigations revealed that Gong made deals with local companies, some of which were personally linked to him, allowing deferred payments for copper concentrate and refined copper without the company's approval. Mitsubishi dismissed Gong and has filed a criminal complaint against him. Efforts to contact Gong have been unsuccessful, and some reports suggest he left China on business before his actions were fully uncovered. Financial Impact The loss, valued at ¥13...