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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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JPMorgan Bets on Real Estate and Private Equity Over Private Credit

JPMorgan Asset Management sees more potential in real estate and private equity compared to private credit. Gabriela Santos, the firm’s Chief Market Strategist for the Americas, highlights that these asset classes have adjusted to higher rates, unlike private credit.

Top Opportunities in Real Estate

  • Commercial mortgage-backed securities
  • Non-traded REITs
  • Single-family and industrial properties
  • Infrastructure debt and equity

JPMorgan is also exploring direct investment vehicles and benefiting from the recovery in commercial real estate.

Why Private Credit Falls Short

While private credit remains popular, Santos points out it offers smaller premiums over public debt:

  • Private credit yields ~10%
  • Junk bonds ~7.5%
  • Leveraged loans ~8.5%

Despite its appeal for private wealth clients, Santos warns of limited upside and prefers assets with greater growth potential.

Market Outlook

With steady economic growth and controlled inflation, Santos expects tight credit spreads and strong equity performance in 2024. However, she advises caution with low-rated bonds, saying defaults could rise in weaker segments.

Bottom Line

JPMorgan favors real estate and private equity as higher-yield alternatives, while private credit may still appeal to investors seeking stability and borrower proximity.

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