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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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Apple Eyes $10 Million Investment in Indonesia to Lift iPhone 16 Ban


Apple Inc. has proposed investing nearly $10 million to boost local manufacturing in Indonesia, aiming to remove a ban on its latest iPhone 16, according to insiders. The proposal suggests building a factory in Bandung with local suppliers to produce accessories and components for Apple devices.

Key Points:

  • Investment Proposal: Apple submitted this investment plan to Indonesia’s Ministry of Industry after the iPhone 16 was blocked due to unmet local content requirements.
  • Local Production Push: Apple’s investment would fulfill Indonesia’s mandate for 40% domestic content in smartphones and tablets, part of President Prabowo Subianto’s broader strategy to increase domestic manufacturing.
  • Industry Concerns: While Indonesia’s government views Apple’s move as a win, the pressure on foreign companies might deter new investments or expansions, especially as some firms look to shift away from reliance on China.

Background:

Indonesia previously enforced similar policies, barring sales of Google’s Pixel phones and pushing ByteDance’s TikTok to invest in local retail. While Apple has invested in developer academies, this latest push aligns with Indonesia’s goal of revitalizing its manufacturing sector, which has dropped from 21.1% to 18.7% of GDP since 2014.

The Ministry of Industry is expected to finalize its decision soon, potentially opening Indonesia’s market of 278 million tech-savvy consumers to Apple’s latest products.

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