KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Alibaba Group Holding Ltd’s stock rose sharply in Hong Kong on Tuesday after it became directly accessible to mainland Chinese investors through the Stock Connect program, which links the Shanghai and Shenzhen exchanges to the Hong Kong Stock Exchange. Key Takeaways: Inclusion in Stock Connect Program : Alibaba's shares were added to the Stock Connect program for the first time, allowing mainland Chinese investors to trade the stock directly. This led to a significant gain of up to 5.2% in Alibaba's stock price, with trading volume more than double the three-month full-day average by mid-morning. Expected Inflows and Impact on Valuation : The inclusion is anticipated to attract around $20 billion in inflows from mainland investors into next year, potentially leading to a stake of over 10% in Alibaba held by these investors. This should help narrow Alibaba’s valuation discount compared to its rival, PDD Holdings Inc, according to Bloomberg Intelligence analysts. Boost Amid Weak ...