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.
Arohan Financial Services Ltd, a microfinance institution focused on providing loans to underserved women , is postponing its initial public offering (IPO) after Indian regulators ordered a group of shadow lenders to halt new loans. The Reserve Bank of India (RBI) took action earlier this month, citing concerns over high interest rates and non-compliance with rules related to borrower assessments. Arohan, based in Kolkata, had planned to file for an IPO to raise US$200 million (RM872 million) but has now delayed those plans following the RBI’s directive. The shadow bank offers loans to groups of three to five women at 24.25% interest rates , with loan amounts ranging from 25,000 rupees (US$297) to 100,000 rupees , over a period of 24-30 months . The RBI found that Arohan and three other shadow lenders— Asirvad Micro Finance Ltd , DMI Finance Pvt Ltd , and Navi Finserv Ltd —violated rules related to household income assessments and borrowers' ability to repay. Navi Finserv, ba...