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.
The US mortgage market saw a boost last week as the 30-year fixed mortgage rate dropped to 6.29%, the lowest level since February 2023, according to data from the Mortgage Bankers Association (MBA). This marks the sixth consecutive weekly decline, providing a boost for homebuyers and encouraging refinancing activity. Key Takeaways: Decline in Mortgage Rates Spurs Market Activity : The 30-year fixed mortgage rate fell by 14 basis points to 6.29% for the week ending September 6. The drop in rates led to a 1.8% increase in the home-purchase applications index, which reached its highest level in nearly two months. Refinancing applications also rose by 0.9%, reaching the second-highest level since May 2022. Improved Affordability Amid Lean Inventories : The reduction in mortgage rates is attracting more prospective buyers into a market still characterized by limited inventory of previously owned homes and high prices. The average contract rate on a 15-year mortgage also fell significantly, ...