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.
Hong Kong property developer New World Development has secured two onshore loans totaling 1.4 billion yuan (US$193 million) this month to further reduce its funding costs, according to a source with direct knowledge of the matter. Key Takeaways: Loan Details: 12-Year Loan: 1 billion yuan at an interest rate of 3.1%. 15-Year Loan: 400 million yuan at an interest rate of 3.15%. Financial Strategy: The new loans are part of New World's strategy to lower funding costs amidst high debt ratios in Hong Kong's property sector. The company declined to comment on the loan details. De-Leveraging Focus: New World has been under scrutiny for its de-leveraging plan, given its high debt ratios. Despite some perpetual and longer-dated bonds trading at distressed levels, many have recovered from last year's lows. Market Context: Banks in Hong Kong are reducing their exposure to the commercial real estate sector due to falling valuations and occupancy rates, leading to higher lending ra...