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.
Despite facing Western sanctions, Sberbank, Russia's largest lender, reports booming trade with India and seamless bilateral payments, according to Anatoly Popov, the bank's deputy CEO. With Sberbank handling payments for up to 70% of Russian exports to India, the bilateral trade between the two countries almost doubled to $65 billion in 2023, driven largely by India's increased imports of Russian oil. Key Takeaways: Strengthened Trade Relations with India : Western sanctions have led Russian businesses to turn to the Indian market as an alternative, resulting in a significant increase in trade. Sberbank's operations in India, including branches in Delhi and Mumbai and an IT center in Bangalore, have expanded rapidly, with staff numbers rising by 150% this year. The bank's transactions in rupees and roubles proceed smoothly, with 90% completing within hours, a marked contrast to trade with other partners like China. Efficient Payment Mechanisms and Currency Balancin...