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
Global markets kicked off the week with mixed moves as crude oil prices tumbled and US equity futures rose, with traders reassured by Israel’s targeted strikes on Iran that avoided key oil facilities. This development has eased immediate geopolitical fears, sending Brent crude prices down by more than 5% at one point.
US futures for the S&P 500 and Nasdaq 100 climbed, signaling a potential rebound for Wall Street following the S&P 500’s first weekly decline in seven weeks. European stock futures also gained, while Treasury yields jumped, with the 10-year yield hitting 4.28%, the highest level in over three months.
In currency markets, the yen dropped to its weakest level in three months after a snap election in Japan, while China’s stocks slipped following disappointing industrial profit data in September, raising concerns about economic momentum.
Meanwhile, this week is expected to be pivotal, with corporate earnings reports from five of the Magnificent Seven tech giants, key economic data from the US, Eurozone, and the UK, and the US presidential election on the horizon.
The weaker yen provided some relief for Japan's export-heavy economy, pushing the Topix Index up by as much as 1.8%. In contrast, Chinese shares edged lower after the release of weak industrial profit figures.
Adding to the excitement, Waaree Energies Ltd., India’s largest solar-panel maker, saw its shares surge nearly 75% in its debut following a $514 million initial public offering.
This week’s major events include US job openings, consumer confidence, goods trade data, and the UK budget announcement, as well as earnings from major companies such as Meta, Microsoft, Amazon, and Apple.
Key Market Moves:
- S&P 500 futures rose 0.5%
- Nasdaq 100 futures rose 0.7%
- Brent crude fell 4% to $72.97 per barrel
- 10-year Treasury yield advanced to 4.28%
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