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.
BS Group CEO Piyush Gupta announced on Wednesday that the bank is in the process of raising its stake in a China securities joint venture from 51% to 91% , as part of its strategic move to strengthen its presence in China's capital markets. This announcement follows a series of aggressive measures by China aimed at revitalizing its struggling economy and capital markets. DBS confirmed that it is acquiring the stakes being sold by its Chinese JV partners, though the transaction is still subject to regulatory approval . Gupta emphasized that DBS plans to maintain a 91% holding in the JV platform, while continuing to leverage the value its Chinese partners bring to the business. DBS joins other foreign banks like JPMorgan and Morgan Stanley in increasing stakes in China’s securities JVs, following the lifting of the country’s foreign ownership cap . The move comes as China’s sluggish economy and markets have pressured the profitability of securities companies. However, the recen...