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.
Russia is set to increase taxes on imported cars starting in 2025 by doubling the scrappage fees that all car producers must pay, as outlined in draft budget documents released on Monday. This move is part of a broader strategy to enhance state support for locally manufactured vehicles. Since February 2022, Russia's automotive market has undergone significant changes, with Western carmakers withdrawing and Chinese manufacturers stepping in to fill the void. The draft budget indicates that Russia anticipates nearly doubling its revenues from car recycling in 2025, projecting an increase from 1.08 trillion roubles to 2.01 trillion roubles . Increased Scrappage Fees and Support for Domestic Production The scrappage fees for imported vehicles are expected to rise to 1.14 trillion roubles next year, up from 680 billion roubles . For domestically produced cars, the fees will increase to 871.5 billion roubles from nearly 400 billion roubles this year. Both domestic manufacturers and ...