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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 up 10.06 points as market cheers Malaysia's post-GE14 reforms




KUALA LUMPUR (May 16): The FBM KLCI rose 10.06 points or 0.5% today as investors cheered and evaluated the progress of reforms in Malaysia after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election (GE14) last Wednesday.

Today, the KLCI closed at 1,858.26 following news that jailed former Deputy Prime Minister Datuk Seri Anwar Ibrahim was granted a full pardon. Investors could have also responded to Dr Mahathir's statement that Malaysia is committed to pay any debt linked to 1Malaysia Development Bhd, if the debt has been guaranteed by the government.

Malaysia's GST also made headlines today. The Finance Ministry said it will reduce the GST rate from 6% to 0% effective June 1 this year. In a statement, the Ministry said it has decided that goods and services within Malaysia and those imported from abroad, which incur GST of 6%, will see the rate reduced to 0% from June 1 this year throughout the country.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that the KLCI gained as selling pressure from foreign investors appeared to have ended.

“Expectation on the removal of the GST shall see stronger consumer spending,” Pong said.
Across Bursa Malaysia, three billion shares worth RM2.91 billion were traded. Top gainers included consumer stocks Dutch Lady Milk Industries Bhd and Nestle (M) Bhd.


Source: The Edge
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