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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 Services Sector Grows as Stimulus Takes Effect

China's services sector expanded at its fastest rate since July, as the Caixin China services purchasing managers' index (PMI) rose to 52 in October from 50.3 in September. This private survey, which focuses on smaller private firms, outperformed expectations with a median forecast of 50.5.

Key Highlights:

  • Improved Consumer Demand: The rise in PMI suggests a potential rebound in consumer demand following Beijing's recent stimulus measures aimed at boosting economic growth.
  • Sector Confidence: Businesses show confidence in short-term macroeconomic conditions, according to Wang Zhe, senior economist at Caixin Insight Group.
  • Broader Economic Stability: Signs of recovery are visible across various sectors, including manufacturing and housing, with particular strength in domestic demand.
  • Market Response: Following the release, the CSI 300 index rebounded, rising by as much as 1.2%.

Since late September, Chinese policymakers have introduced significant economic support measures, including interest-rate cuts and support for stock and property markets. Investors are now looking toward further fiscal actions expected to be approved later this week.

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