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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Analysts Say Singapore to Wait on Trump’s Trade Moves Before Easing Policy

Slowing inflation in Singapore has created some room for the Monetary Authority of Singapore (MAS) to ease monetary policy in January, but analysts believe the central bank may delay any action until later in 2025 to better assess the impact of US President-elect Donald Trump's policies.

Key Highlights

Inflation Outlook

  • November core inflation is expected to hold steady at 2.1%, a three-year low, according to analysts in a Reuters poll.
  • MAS has forecast core inflation at around 2% for Q4 2024, with DBS Bank predicting it to average 1.8% in 2025.

Monetary Policy Approach

  • Singapore uses the Singapore dollar nominal effective exchange rate (S$NEER) to manage policy, adjusting the slope, midpoint, or width of the currency band.
  • While some analysts expect an easing at the January review, a MAS survey showed the number of economists anticipating a reduction in the S$NEER slope dropped from 50% to one-third.

Analyst Perspectives

  • DBS Bank: MAS is unlikely to ease in January and may wait to see Trump's policies in action.
    • "Chances are MAS will mirror the Fed in basing decisions on actual policies rather than speculation," said DBS economist Chua Han Teng.
  • Moody’s Analytics: MAS may wait for core inflation to fall below 2% for a few months before easing, giving time to assess global trade disruptions from US tariffs.
  • Maybank: MAS could reduce the slope in January, as lower import prices from Trump’s tariffs on China may lead to a deflationary shock and further ease inflation.

Growth Projections

  • Maybank’s Chua Hak Bin: Expects Singapore’s growth to slow to 2.6% in 2025 from 3.6% in 2024 amid trade flow disruptions.
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