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, 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 ...