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.
Earnings Slump Due to Market Oversupply Lynas Rare Earths Ltd reported a net income of A$5.9 million (US$3.7 million) for the six months ending Dec 31 , far below analyst expectations of A$32.2 million . Shares fell as much as 5.8% in Sydney following the disappointing results. No interim dividend declared as the company navigates weak market conditions. Why Did Profits Drop? Rare earth prices have fallen nearly 70% since their 2022 peak , due to China’s strong output and economic slowdown . Despite a 30% recovery since March 2024 , prices remain volatile. Lynas faces cost pressures as it expands operations in Australia, Malaysia, and the U.S. Market Outlook & Strategic Positioning CEO Amanda Lacaze sees current market challenges as short-term but acknowledges price weakness. Jefferies analysts highlight Lynas’ strategic positioning to benefit from any future price rebounds. The U.S. and Australia continu...