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.
Key Takeaway: United Overseas Bank (UOB) has agreed to roll over a HK$10 billion (US$1.3 billion / RM5.4 billion) loan tied to Shimao Group’s luxury Beacon Peak project, as Hong Kong’s prolonged property downturn forces lenders to extend credit rather than absorb losses. Loan Extension Details Borrower: Shimao Group Holdings Ltd (defaulted developer) Project: Beacon Peak luxury apartments near Kowloon Tong Loan size: HK$10 billion Original maturity: Sept 30, 2025 New terms: Extended for three years by UOB Earlier efforts to sell the loan to private credit investors — including Davidson Kempner Capital Management and Ares Management Corp — fell through. Property Sales Progress Beacon Peak launched sales in January 2025 . As of Sept 2, only 17 of 332 units sold in its first phase. Sale prices ranged from HK$13.4 million to HK$37 million per unit. The latest deal:...