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.
The listed unit of China Baowu Steel Group , the world’s largest steel producer, remains profitable even as much of the sector faces financial struggles. Baoshan Iron & Steel Co. reported a 65% drop in third-quarter net income to 1.34 billion yuan ($188 million), yet it continues to outperform the broader industry, which has been hit hard by China's prolonged real estate downturn and sluggish demand. Despite the sector's challenges, Baoshan noted in its earnings report that it "ranks first in the industry" in profitability. Smaller competitors like Hesteel Co. and Angang Steel Co. are set to release their earnings soon, with the industry as a whole dealing with a potential fourth consecutive year of declining steel consumption. Amid these challenges, Baowu's outlook is cautiously optimistic. The company anticipates market stabilization and improving demand, driven by recent government stimulus efforts. While domestic demand remains weak, Baowu has relied on...