Long time reader, first time poster.

Age: 26 (male)
Self-employed/business

Assets
Properties: 2 - RM300k + RM550k
Cash in hand/savings: RM40k
EPF: RM20k (quit my job to run my business)
Personal Insurance: RM4.8k (only started buying this year)
Business assets: RM30k

Liabilities
Home Loans: RM580k combined outstanding
No other debts/loan repayments

Networth +-: RM300k?
I know it isn't much, but I started from nothing 4 years ago after graduating. I started with property, acquiring the first one at a good deal back in 2010, second one only this year. Other than that, I felt that I did not have sufficient "bullets" to venture into other investments just yet as my business was just taking off before this (dare not spend $$ elsewhere just in case). Now I feel that I really should diversify my portfolio with this somewhat decent amount that I've saved up, but I'm not sure which to go for. UT? Share market? Forex? Gold/Silver?

Furthermore, the market is rather volatile and bearish at the moment, which makes me feel that perhaps my timing isn't right. But then again, I do not have any experience in other fields of investments.

I make about 6k to 8k net profit average per month from my business (after deducting my own expenses), and I have no other commitments except my home loan at 2.2k per month. Proton is fully paid off 2nd hand car. But I have no FD and such. All only in savings and current account. Therefore I always end up dumping the extra cash back into my business to grow it. Sometimes I manage to make more, sometimes not. But ROI is about 20 to 30% on average.

Any advice on how I should diversify my portfolio, kind sirs?

Let said your earning  rm6k - 8k, profit...i believe you have deduct everything is your net income.

Mortgage Loan is rm2.2k. is long term liability you wont settle in short term except you got big project settle all your debts.

What you have rm6k - rm2.2k = rm3.8k

Is your mortage is Full Flexi/Semi Flexi mortgage ? You can pay more toward and also flexi able withdraw when you needed.
Allocate paying more to mortgage of rm1k. You able to reduce the paying term of 10 year, when you don't withdraw.
Since your income based on business, i prefer reserve more cash in flexi loan for contingency of business unexpected. You save extra interest.

Leaving you rm2.8k. after deduct/Minus Mortgage + Extra of mortgage buffer.
May think to use rm1.8k either for UT, Stock diversify your egg, rather allocated in single basket.
How to allocated depend how many investment/saving your like 50%UT - 50%Stock /  60%UT - 40% stock / 40%UT - 40%stock -20%FD.
I never treat FD as investment, but as temporarily to use when there opportunity when there is Financial Correction aka crisis.
About investment maybe variable to each individual either UT or stock have high risk/opportunity growth or low risk/stable income.
If want exact to invest, then you need to study each investment which have cons and pro that meet your personality or profile.
Leaving your rm1k..for you to spend with i believe is sufficient. Without gadget, gf, beer time..you can save much more.

Hope you don't mind deduct the saving/ asset/liability first leaving you the amount is your real expenses/surviving for own self.

It juz suggestion of different ppl, may not the same with other or agree by own self.

By the way, even i older few year..my asset & income not as more of you.
Becoz i juz a slave worker..never take a big hat to wear...becoz my head very small to think.

if u are disciplined, put in a consistent amount of $$ monthly into a UT, medium-risk fund.

or else, buy Reits (google it) every month, and get consistent dividend every year.

by the way, good job hving your own business at 26 and 2 properties too.