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.
GoTo Group has signed a new cloud services agreement with Alibaba Group Holding Ltd , which includes a commitment from Alibaba to maintain its current stake in the Indonesian ride-hailing and delivery provider for the duration of the deal. This partnership could provide a boost to GoTo’s stock , which has fallen approximately 80% since its 2022 initial public offering, following share reductions by Alibaba and other major investors. Alibaba, an early investor, has decreased its stake from around 9% in 2022 to about 7.5% by selling billions of shares. Under the terms of the five-year agreement , GoTo will leverage Alibaba's cloud infrastructure to support its extensive range of services, including ride-hailing and delivery in Indonesia and Singapore. This deal offers Alibaba a significant foothold in Southeast Asia, where its cloud division has faced intense competition. Although the companies did not disclose the deal’s value, it was confirmed through a non-binding memorandum ...