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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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Egypt and IMF to Assess the Impact of $8 Billion Reform Program on Vulnerable Citizens

Egypt is conducting a comprehensive survey to evaluate the impact of its sweeping economic reforms on its population, working closely with the International Monetary Fund (IMF) to ensure the most vulnerable are protected, according to the IMF’s regional head.

The $8 billion IMF loan program, implemented to stabilize Egypt's economy amid a foreign-exchange crisis, has triggered significant changes, including currency devaluations and sharp price increases in fuel, bread, and electricity. These measures have placed additional pressure on the Egyptian population of over 106 million, many of whom are struggling with the economic fallout.

During IMF Chief Kristalina Georgieva's upcoming visit to Cairo in early November, discussions will focus on Egypt’s social protection programs, aimed at mitigating the effects of these reforms. The new survey will likely reveal the impact of two years of economic strain caused by devaluations and price hikes on household spending, providing crucial data to improve these support programs.

Egypt's government has signaled its intent to review aspects of the loan agreement, considering the difficult regional and economic conditions, particularly related to conflicts involving Israel, Hamas, and Hezbollah. While the IMF is open to adjustments, it remains committed to ensuring currency reform is maintained, with Egypt allowing the Egyptian pound to fluctuate based on supply and demand.

The upcoming review in November will evaluate the progress of the IMF-Egypt agreement, focusing on how the nation can better safeguard its citizens while navigating economic challenges

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