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.
Iron ore prices have declined sharply, heading toward their worst weekly performance since March, as China's struggling steel market shows no signs of recovery. Demand for steel remains weak due to the ongoing real estate slowdown in China, and iron ore is experiencing continued downward pressure as a result. Key Takeaways: Persistently Weak Demand in China’s Steel Market : With little improvement in steel demand, Chinese steel mills have limited capacity to resume production. The country's prolonged real estate downturn has significantly weakened steel consumption, overshadowing gains from other sectors such as exports. Consequently, the iron ore market is grappling with an oversupply issue. Significant Declines in Iron Ore Prices : Singapore iron ore futures fell to $90.50 per tonne, marking their lowest level since 2022. The futures were on track for a 10.4% decline this week, reflecting market sentiment amid the challenging conditions in China’s steel sector. Impact on Spot...