KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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 ...