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Market Daily Report: Bursa Malaysia Ends Higher On Continued Bargain-hunting

KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
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Alibaba Shares Surge on Plans to Increase Service Fees for Merchants

Shares of Alibaba Group Holding Ltd saw their most significant rise in two months as investors welcomed the e-commerce giant’s plan to increase service fees for merchants.

Key Points:

  1. Stock Performance:

    • Alibaba’s shares gained as much as 5.8% in Hong Kong.
    • The stock was the biggest gainer on the Hang Seng Index, which itself was up by as much as 2%.

  2. New Service Fee Structure:

    • Alibaba will implement a basic software service fee of 0.6% on confirmed transactions for vendors on Tmall and Taobao platforms starting September 1.
    • This change was communicated to merchants on Friday. Small merchants may be exempt from the new fee.

  3. Revenue Impact:

    • The new measure is expected to boost Alibaba’s core merchant revenue.
    • Alibaba’s current revenue from Taobao and Tmall mainly comes from customer management fees, which merchants pay for advertising and better tailoring their offerings.

  4. Industry Context:

    • Alibaba is the last major e-commerce platform to shift to a percentage-based fee structure.
    • PDD Holdings Inc started charging a technical service fee of about 0.6%-1% of gross merchandise value in 2020.
    • JD.com Inc and ByteDance both implemented a 0.6% fee rate last year.

  5. Analyst Insights:

    • Jefferies Financial Group Inc. analysts, led by Thomas Chong, view the new fee as positive for core merchant revenue.
    • The new arrangement applies to both Taobao and Tmall, enhancing revenue prospects.

  6. Support Measures for Vendors:

    • Alongside the new fee structure, Alibaba will offer other support measures, such as adjustments in traffic allocation criteria and free refund policies.
    • The fixed annual fee currently charged to Tmall merchants will be waived once the new policy is in effect.

The announcement has generated optimism among investors, reflecting confidence in Alibaba’s ability to enhance its revenue streams through the new service fee structure.

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