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.
Key Takeaways: Steel Production Cuts: Several Chinese steel mills, including prominent players in Xinjiang, have started cutting production as part of a broader effort to address a supply glut and low profitability in the steel industry. Mysteel reported that four steelmakers in the region have reduced output by 10%, which began on March 25. Limited Impact on National Output: Despite the cuts, the overall impact on China’s national steel production is minimal. Xinjiang’s steel output represented just 1.3% of the country’s total production last year. The reductions amount to about 2,000 tons of daily output in a nation that produces nearly 3 million tons of steel daily. Government’s Role in Industry Adjustment: This production cut follows a pledge made by the Chinese government earlier this month to reduce steel output. The government aims to address the overproduction crisis that has been damaging the industry’s profitability and pushing for more sustainable pro...