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.
Alibaba Group, the Chinese e-commerce giant, has received shareholder approval to upgrade its Hong Kong listing to primary status, a strategic move aimed at drawing significant investments from mainland China. This upgrade positions Alibaba to benefit from programs connecting the Hong Kong Stock Exchange with the Shenzhen and Shanghai bourses, potentially broadening its investor base within China. Key Takeaways: Strategic Shift Amid Geopolitical Tensions : Alibaba initially proposed upgrading its Hong Kong listing amid rising geopolitical tensions between China and the U.S. The decision to move forward with this plan underscores the company's focus on strengthening its ties with the Chinese market, reducing reliance on U.S. financial markets. Increased Access to Mainland Investment : By upgrading to a primary listing, Alibaba becomes eligible to be part of stock connect programs linking Hong Kong with mainland China’s major exchanges. This status is expected to attract substantial ...