KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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 ...