KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
The International Monetary Fund (IMF) has reduced its global growth forecast for 2025, citing increasing risks from geopolitical tensions and trade protectionism. Global output is now expected to expand by 3.2%, which is 0.1 percentage point lower than the IMF's previous estimate in July.
Meanwhile, in North America, the Bank of Canada took bold action, cutting its benchmark interest rate by 50 basis points to 3.75%, the largest cut since March 2020, signaling the end of the post-pandemic era of high inflation. The move aims to boost growth as inflation expectations trend closer to the target of 2%.
In China, banks also lowered lending rates following easing measures by the central bank, part of an effort to revive economic growth and mitigate the ongoing housing market slump. However, South Korea's economy saw minimal growth last quarter, highlighting the challenges posed by weakening exports and rising geopolitical tensions.
Key risks also loom globally, including the US presidential election, with vastly different economic implications, escalating conflicts in the Middle East, the ongoing Russia-Ukraine war, and tensions in the Taiwan Strait. These issues further complicate the outlook for global growth as the world approaches year-end.
In Europe, the region continues to struggle, with private-sector activity declining for the second consecutive month, particularly in the euro area's largest economies. In contrast, Russia raised its key interest rate to a record high, surpassing levels seen after the invasion of Ukraine, as it battles persistent inflation.
Emerging markets are also feeling the pinch, with Saudi Arabia’s oil revenue dropping to a three-year low, and Colombia seeing a surg
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