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.
Taiwanese companies are raising funds at record levels as the global race for artificial intelligence (AI) components drives chipmakers and hardware manufacturers to expand. Total share sales abroad by Taiwanese firms have reached $2.9 billion so far in 2024, marking the highest fundraising activity since 2007, according to Bloomberg data . Companies such as Taiwan Semiconductor Manufacturing Co. (TSMC) and Hon Hai Precision Industry Co. are leading the charge, bolstered by surging AI demand . TSMC and its peers are reporting stronger-than-expected revenue , while the local stock market’s sharp rebound since mid-September has further encouraged fundraising through share offerings and convertible bonds. Hon Hai, a major supplier for iPhone and MacBook makers, is considering raising $700 million through convertible bonds to boost its server capacity . Similarly, Quanta Computer Inc. raised $1 billion in August via a convertible bond offering to fund its expansion. Convertible b...