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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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Thailand to Resume Gas Field Talks with Cambodia Despite Domestic Opposition

Thailand plans to move forward with negotiations with Cambodia to jointly explore a contested offshore area believed to hold approximately $300 billion in petroleum reserves. Prime Minister Paetongtarn Shinawatra confirmed that talks will proceed under a 2001 memorandum of understanding (MOU), despite opposition from nationalist groups and the Palang Pracharath Party.

Key Points:

  • MOU Agreement: The 2001 MOU allows Thailand and Cambodia to negotiate over a 26,000-square-kilometer block in the Gulf of Thailand for potential joint resource development.
  • Sovereignty Concerns: Some Thai groups fear that these negotiations may jeopardize Thailand's claim over the island of Ko Kut, which Cambodia included in its continental shelf claim in 1972. However, Paetongtarn assured that Ko Kut remains unaffected and will remain part of Thailand.
  • Joint Development Focus: The negotiations will aim to address the overlapping claims while enabling joint exploration of an area with an estimated 10 trillion cubic feet of natural gas and 300 million barrels of crude oil.
  • Historical Precedent: Thailand previously engaged in joint resource development with Malaysia in a similar disputed area in the Gulf of Thailand in 1979, which will serve as a model for the negotiations with Cambodia.

The renewed talks are part of Thailand's broader efforts to increase its natural gas reserves, curb electricity costs, and reduce its reliance on fuel imports. However, the negotiation process faces challenges due to historical tensions and sovereignty concerns on both sides.

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