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.
A wave of disappointing economic data from China is fueling pessimism among stock traders, who are increasingly skeptical that authorities will implement robust stimulus measures to stabilize the economy. Data released on Saturday (Sept 14) revealed that China's factory output, consumption, and investment all slowed more than expected in August, while the jobless rate climbed to a six-month high. Additionally, home prices fell compared to the previous month. “There is a fear that the authorities are losing control of the economy and won’t admit it,” said Gary Dugan , CEO of the Global CIO Office . “The market looks set to go to significantly lower levels in the absence of real, substantial new policies.” Concerns about Beijing's hesitance to take decisive action have weighed heavily on the nation's stock markets. The CSI 300 Index fell to its lowest point since early 2019 last week, while the Hang Seng China Enterprises Index in Hong Kong has dropped 13% since its May...