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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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Oil Prices Surge Over 1% as Opec+ Delays Output Hike Amid Soft Demand

Oil prices rose over 1% in early Monday trading, as Opec+ postponed a planned December output hike by one month due to weak demand and increasing supply from non-member countries. Brent crude rose by $1.18 to $74.28 per barrel, and WTI crude gained $1.20 to $70.69 per barrel.

The delay extends Opec+’s 2.2 million barrels per day (bpd) production cut through December, following an earlier postponement in October. This surprise move is seen as a sign of Opec+’s intent to support prices, contradicting market expectations of an output increase.

Additional Market Drivers

  • US Election: Markets are eyeing Tuesday's election, with polls showing a close race between Kamala Harris and Donald Trump.
  • Fed Rate Cut: A 25 basis point rate cut by the Fed is anticipated on Thursday.
  • China’s Stimulus: China’s National People’s Congress is expected to approve further economic stimulus this week.
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