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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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Fed’s Hammack Says More Work Needed on Inflation Despite Progress

Beth Hammack, president of the Federal Reserve Bank of Cleveland, emphasized that while progress has been made in reducing inflation, it remains above the Fed's 2% target, and officials are not yet ready to declare their job done. Speaking at a conference hosted by the Cleveland Fed’s Center for Inflation Research, Hammack acknowledged that inflation is still a concern and pointed to geopolitical events and rising rents as potential factors that could push prices higher.

“We have made good progress, but inflation is still running above the FOMC’s 2% objective,” she said, referring to the Federal Open Market Committee (FOMC). She also warned that energy prices, which had recently fallen, could quickly rise again due to global tensions, and that housing services inflation may remain elevated as rent increases continue for existing tenants.

Despite these inflationary pressures, Hammack noted that the Fed’s policies have cooled price growth without derailing the economy, highlighting the strength in the labor market. She refrained from giving specific guidance on the pace or extent of future interest rate cuts, following the half percentage point cut by the Fed last month. Many officials are leaning toward more gradual rate reductions in the coming months as inflation approaches the central bank’s 2% goal.

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