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.
Hong Kong's businesses and property owners are facing unprecedented pressure, with many distressed sellers offering assets at fire-sale prices as the city's economic challenges deepen. Driven by China's economic slump , high interest rates, and weak consumer demand, Hong Kong's once-booming real estate sector and other industries are seeing significant declines. Luxury properties are being sold at steep discounts, with some mansions in Hong Kong’s Peak district sold for as much as 50% below their peak value. For example, the family of real estate investor Ho Shung Pun sold four mansions in July for HK$1.1 billion , half of their previous value. The commercial real estate sector is also under strain, with some office buildings, like a floor in the Bank of America Tower , selling at a loss. According to Derek Lai , Deloitte’s global insolvency leader, the current wave of distressed assets is the largest seen in 30 years, affecting various industries, from real esta...