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.
Swiss watchmakers are calling on the Swiss National Bank (SNB) and the government to support exporters by addressing the strength of the Swiss franc, which they say is contributing to a slump in overseas sales. “With inflation currently well below 2%, the Swiss National Bank has room to manoeuvre and act on the foreign exchange market,” stated the Federation of the Swiss Watch Industry and the Employers Federation of the Swiss Watch Industry on Tuesday. They suggested a "more reactive approach" could help reduce the franc's volatility. The watch industry, which includes prestigious brands like Rolex , Patek Philippe , Swatch Group , and Richemont , is a vital part of the Swiss economy, accounting for 55% of GDP through exports and employing about 65,000 people across 700 companies. However, it is now grappling with a 2.4% decline in watch exports during the first seven months of 2024, following record shipments in the past three years. Several watch brands and compon...