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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

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.
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Bank Negara keeps key interest rate at 3.25%

In a statement today, Bank Negara Malaysia (BNM) said the decision to keep its key interest rate unchanged at 3.25% was made at the Monetary Policy Committee meeting today. This is in line with analysts' forecasts and with the economy continuing to be affected by the weak external environment.

Bank Negara Malaysia keeps key interest rate at 3.25%
"At the current level of overnight policy rate (OPR), the stance of monetary policy remains accommodative and supportive of economic activity," it said.

"The committee recognises that there are heightened risks in the global economic and financial environment. These risks are being carefully monitored to assess their implications on macroeconomic stability and the prospects of the Malaysian economy," it added.

"Domestic demand therefore remains the main driver of growth. However, private consumption is expected to moderate as households continue adjusting to the higher cost of living amidst an uncertain economic environment," it noted. 

"The prospects are for the economy to expand within the region of 4.5% to 5.5% this year and 4% to 5% in 2016. It is, however, recognised that the downside risks to growth remain high," it said.

BNM expects inflation to remain relatively stable for the rest of 2015, as the impact on overall inflation has been limited by the lower commodity prices and the generally low global inflation despite the weaker ringgit.


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