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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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Ringgit and plantation stocks on focus

The focus today will be on both the Ringgit against a much stronger US dollar and the plantation sector. The Malaysian Palm Oil Board will announce this week Oct inventory, output and export numbers, thus the spot light on the plantation sector.

Last Monday, the KLCI eked out a 0.41-point gain to settle at 1,686.11. Yesterday, the Malaysian stock market was closed for the Deepavali holiday.

However, overnight US dollar gains could put the ringgit in the spotlight today. The ringgit was last traded weaker at 4.3825 versus the US dollar.

The Ringgit on spot light against a stronger US dollar

Reuters reported that the prospect of a US rate hike sent the dollar to a seven-month high. A strong dollar eats into the overseas sales at US companies.

In overnight US share trades, the Dow Jones Industrial Average rose 0.16% to  17,758.21 points. Nasdaq Composite fell 0.24% to 5,083.24.

With the plantation shares like Sime Darby Bhd, Kuala Lumpur Kepong Bhd, IOI Corp Bhd and PPB Group Bhd account for substantial weightage in the 30-stock FBM KLCI, it will be interesting to see how the data will impact the index as a whole. 

CIMB Investment Bank Bhd said in a note Malaysia's Oct palm oil inventory could have climbed to a record 2.72 million tonnes from the preceding month as exports dropped at a faster pace than production.
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