KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
Despite facing Western sanctions, Sberbank, Russia's largest lender, reports booming trade with India and seamless bilateral payments, according to Anatoly Popov, the bank's deputy CEO. With Sberbank handling payments for up to 70% of Russian exports to India, the bilateral trade between the two countries almost doubled to $65 billion in 2023, driven largely by India's increased imports of Russian oil. Key Takeaways: Strengthened Trade Relations with India : Western sanctions have led Russian businesses to turn to the Indian market as an alternative, resulting in a significant increase in trade. Sberbank's operations in India, including branches in Delhi and Mumbai and an IT center in Bangalore, have expanded rapidly, with staff numbers rising by 150% this year. The bank's transactions in rupees and roubles proceed smoothly, with 90% completing within hours, a marked contrast to trade with other partners like China. Efficient Payment Mechanisms and Currency Balancin...