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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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Targeted RON95 Subsidy: Household Income Not Sole Factor for Exclusion of Top 15%

Finance Minister II Datuk Seri Amir Hamzah Azizan stated that the top 15% (T15) income group, who will be excluded from the targeted RON95 petrol subsidy, will be determined by more than just the Household Income Survey. This approach will ensure that those in genuine need, including the middle class, are not left out amid rising living costs.

Speaking in the Dewan Rakyat, Amir mentioned that the Ministry of Finance is considering a tiered pricing mechanism for RON95 subsidies, similar to the models for diesel and electricity subsidies. The potential use of MyKad and e-wallets as mechanisms for subsidy delivery is also under review.

Amir highlighted the success of the targeted diesel subsidy, which saved RM600 million monthly by reducing retail diesel sales by 25% and increasing commercial sales by nearly 50%.

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