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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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November Retail Sales Beat Estimates: A Strong Start to the Holiday Season

Retail sales rose 0.7% in November, surpassing economists’ forecasts of 0.5%, according to the Census Bureau. This solid gain highlights strong consumer spending as the holiday shopping season kicked off.

Key Insights

  • Annual Growth: Retail sales climbed 3.8% year-over-year, showcasing steady momentum.
  • Holiday Spending Strength: Despite a late Thanksgiving pushing Cyber Monday into December, holiday spending is off to a robust start.
  • Cyber Week Sales: Adobe Analytics reported $41.1 billion in online sales during Cyber Week, an 8.2% increase from last year.

What’s Driving the Growth?

  1. Consumer Resilience: Credit card data from Bank of America shows household spending grew 0.6% year-over-year in November.
  2. Shortened Season Impact: A delayed start to the holidays might mean higher weekly spending over a shorter season.
  3. Strong December Momentum: KeyBanc data shows the second-strongest spending week since September during the week of Dec. 8.

What It Means for the Fed

The Federal Reserve is widely expected to cut interest rates by 25 basis points at its upcoming meeting, with traders pricing in a 99.1% chance, according to the CME FedWatch Tool.

  • Takeaway: The solid retail sales figure supports a healthy economy without sparking concerns of overheating.

Bottom Line

Holiday spending is shaping up to exceed last year’s levels, with cumulative sales showing significant strength. This data confirms that consumer demand remains solid, providing a positive outlook for retailers and broader economic stability heading into 2025.

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