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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

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
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China’s Top Steelmaker Turns a Profit Despite Industry Struggles

The listed unit of China Baowu Steel Group, the world’s largest steel producer, remains profitable even as much of the sector faces financial struggles. Baoshan Iron & Steel Co. reported a 65% drop in third-quarter net income to 1.34 billion yuan ($188 million), yet it continues to outperform the broader industry, which has been hit hard by China's prolonged real estate downturn and sluggish demand.

Despite the sector's challenges, Baoshan noted in its earnings report that it "ranks first in the industry" in profitability. Smaller competitors like Hesteel Co. and Angang Steel Co. are set to release their earnings soon, with the industry as a whole dealing with a potential fourth consecutive year of declining steel consumption.

Amid these challenges, Baowu's outlook is cautiously optimistic. The company anticipates market stabilization and improving demand, driven by recent government stimulus efforts. While domestic demand remains weak, Baowu has relied on exports to offset the downturn, with overseas sales reaching a record high share of its total revenue for the first nine months of the year.

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