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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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Market Daily Report: KLCI down after 11th-hour volatile trade




KUALA LUMPUR (May 21): The FBM KLCI fell 0.92 point on profit taking in 11th-hour volatile trade after rising earlier with Asian shares. Earlier, Reuters reported that world stocks rose on Monday after US Treasury Secretary Steven Mnuchin declared the US-China trade war "on hold" following their agreement to suspend the tariff threats that roiled global markets this year.

At Bursa Malaysia, the KLCI closed lower at 1,853.58 points at 5pm after rising to its intraday high of 1,864.94 points. The KLCI ended weaker after losses in index-linked stocks including Hong Leong Financial Group Bhd, Tenaga Nasional Bhd and CIMB Group Holdings Bhd.

Across Bursa Malaysia, volume stood at 2.78 billion shares valued at RM3.05 billion. Hong Leong Financial, Tenaga and CIMB ended among Bursa Malaysia's top decliners.

CIMB, which fell 20 sen to RM6.60 today, has been closely watched as investors evaluated the company's outlook after Malaysia Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election.

MIDF Amanah Investment Bank Bhd wrote in a note today: "CIMB registered the highest net money inflow of RM41.21m last week. Its share price underperformed with a 1.45% decrease against the FBM KLCI which advanced by 0.43% during the week under review. It is notable that net money inflow amidst retreating share price may indicate a buy on weakness stance among some investors."

Today, Asian equities closed higher. Japan’s Nikkei 225 was up 0.31% while South Korea’s Kospi rose 0.2%. In China, Hong Kong’s Hang Seng gained 0.6% while the Shanghai Stock Exchange Composite was 0.64% higher.


Tomorrow, Hong Kong markets will be closed for a holiday in conjunction with the birthday of the Buddha. In Malaysia, Bank Negara Malaysia is scheduled to announce its international reserves data in the afternoon.



Source: The Edge
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