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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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US Industrial Production Falls for Third Straight Month

 Key Highlights:

  • Overall Decline: US industrial production dropped 0.1% in November, marking the third consecutive monthly decline, against expectations of a 0.3% rise.
  • Weaker Segments:
    • Utilities: Output fell the most in four months.
    • Mining: Recorded the largest decline since May.
  • Manufacturing: Increased 0.2%, but below expectations, following a revised 0.7% decline in October.

Sector Analysis

  • Aerospace Equipment: Despite the end of a Boeing machinists' strike, aircraft parts production fell, dragging down the sector.
  • Utilities: Declines reflect lower seasonal demand and output volatility.
  • Mining: Reduced extraction activities contributed to the weakest results since May.

Why It Matters

  • High Borrowing Costs: Companies continue to limit capital spending due to elevated interest rates.
  • Export Challenges: A strong dollar and sluggish global markets are adding headwinds for US manufacturers.
  • Economic Growth Signals: Persistent weakness in industrial output raises concerns about the manufacturing sector’s recovery heading into 2025.

Looking Ahead

Manufacturers may face ongoing struggles due to:

  1. Tepid global demand impacting exports.
  2. Elevated interest rates slowing business investments.
  3. Continued strength of the US dollar, which makes American goods less competitive abroad.

This decline adds pressure on the Federal Reserve as it assesses the economic landscape ahead of its upcoming policy decisions.

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