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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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Global Markets Drop Amid US Shutdown Risks, Trump’s EU Tariff Threats

Global markets slid on Friday as concerns over a potential US government shutdown mounted and Donald Trump’s trade threats against Europe heightened tensions. Investors also focused on upcoming US inflation data that could influence Federal Reserve policy for 2025.

Key Market Highlights

1. US Government Shutdown Risks

  • A spending bill failed in the House of Representatives on Thursday, highlighting political volatility under President-elect Donald Trump.
  • Trump’s proposed tariffs and spending policies have increased uncertainty, with credit default swaps (CDS) on six-month US bills rising to a four-week high of 11 basis points.

2. Trump’s Trade Threats

  • Trump warned the European Union to increase purchases of US oil and gas or face tariffs:
    • “Otherwise, it is TARIFFS all the way!!!” he stated on Truth Social.
  • European stocks fell 1%, marking a 3% weekly drop, as US stock futures slipped 0.7%-1.1%.

3. Inflation and Fed Policy Outlook

  • The Core Personal Consumption Expenditures (PCE), a key US inflation measure, is expected to rise 0.2% in November.
  • A higher reading could further reduce expectations for rate cuts next year, with markets now pricing in fewer than two cuts for 2025.

4. Treasury and Currency Market Impact

  • 10-year Treasury yields surpassed 4.5% for the first time since May, amid a cautious Fed stance.
  • Dollar Performance:
    • Down 0.3% at 108.12, but close to a two-year peak of 108.43.
    • Euro gained 0.2% to US$1.03925.
    • Yen recovered 0.4%, trading at 156.87, after plunging 1.7% the previous day due to the Bank of Japan's dovish stance.

5. Commodity Prices

  • Oil: US West Texas Intermediate fell 0.6% to US$68.96.
  • Gold: Gained 0.5% to US$2,605 per ounce, benefiting from safe-haven demand.
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