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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Private Equity Firms Eye Alibaba’s Stake in Hypermarket Chain Sun Art

Alibaba Group Holding Ltd.’s majority stake in Sun Art Retail Group Ltd, a leading Chinese hypermarket chain, is drawing interest from private equity (PE) firms, according to sources familiar with the matter. Potential buyers, including DCP Capital and Hillhouse Investment, are reportedly considering purchasing part or all of Alibaba’s 79% stake in Sun Art.


The shares of Sun Art have surged by 28% this year, giving the company a market value of approximately US$2.2 billion. The stock was temporarily suspended from trading in Hong Kong on Friday, pending an announcement related to the takeovers and mergers code. In addition to DCP and Hillhouse, Alibaba’s stake may also attract interest from other international buyout funds.

These discussions are still in the preliminary stages, and it is not guaranteed that a deal will materialize. While DCP and Sun Art declined to comment, spokespeople for Alibaba and Hillhouse have yet to respond to inquiries.

Alibaba acquired its controlling stake in Sun Art in 2020 for US$3.6 billion. Sun Art operates hundreds of hypermarkets across China under brands like RT-Mart and supports Alibaba’s expansion in fresh produce through its distribution and storage networks. However, Alibaba, under the leadership of CEO Eddie Wu, has been refocusing on its core business in e-commerce and cloud services, with reports earlier this year suggesting the company is also considering selling its InTime department store arm.

Recent market conditions, buoyed by China's economic recovery, have led several top shareholders in Chinese companies to cash out of their holdings, further boosting interest in deals like this. Hong Kong’s Hang Seng Index has climbed 21% this year, reflecting the improving market outlook.

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