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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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Meloni Seeks Better Terms for Italian Firms in China

Italian Prime Minister Giorgia Meloni visited China to enhance cooperation and reset trade ties with the world's second-largest economy after Italy's departure from the Belt and Road Initiative.

Meloni, on her first visit to China as prime minister, emphasized Italy's desire to rebalance its economic relationship with Beijing. She highlighted that Italian investment in China is about three times that of Chinese investment in Italy and expressed a goal to remove barriers for Italian products accessing the Chinese market.

Key Takeaways:

  • Trade Rebalance: Meloni aims to rebalance trade ties, seeking better access for Italian products in China.
  • Strategic Importance: Italy holds strategic importance to China and could act as a moderating voice within the EU regarding tariffs on Chinese electric vehicles (EVs).
  • EU Tariffs: EU members, including Italy, will vote in October on imposing tariffs on Chinese EVs.
  • Historical Context: Italy was the only G7 nation to join China's Belt and Road Initiative in 2019 but exited last year under US pressure, signaling a continued desire to develop trade ties with China.
  • Industrial Cooperation: Discussions included topics such as electric mobility, but no specific talks on Chinese automakers opening factories in Italy.

Meloni also discussed Italy's role in EU-China relations with President Xi Jinping, expressing hopes for more balanced trade relations and emphasizing Italy's unique position within Europe regarding Chinese investments.

Quotes:

  • "We clearly want to work to remove obstacles for our products to access the Chinese market," Meloni said.
  • "The issue of electric mobility is one of the topics included in our memorandum of industrial cooperation."

Additional Context:

  • Italy's exit from the Belt and Road Initiative did not diminish its desire to develop trade relations with China.
  • Meloni's visit underscores Italy's strategic role in fostering balanced trade and investment relations with China within the broader context of EU-China relations.
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