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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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Chinese Stocks Rebound as Tech Leads Recovery; Global Markets Await Key Data

 Chinese & Asian Markets Overview

  • Mainland China & Hong Kong stocks rebounded, with Chinese tech stocks up over 2%, led by Alibaba & JD.com.
  • Asian markets traded mixed, reflecting uncertainty in the U.S. economy after weak consumer confidence data.
  • Optimism in Chinese stocks persists, driven by AI advancements and President Xi Jinping’s engagement with corporate leaders.

Market Factors to Watch

  • U.S.-China Trade Tensions: Trump's policies to decouple economic ties have unsettled global investors.
  • Upcoming China Policy Meetings: Investors are watching for potential policy shifts or economic support measures.
  • U.S. Fed Interest Rate Cuts: Markets are pricing in two rate cuts in 2025, as Treasury yields hit mid-December lows.

Global Market Reactions

  • U.S. Markets:

    • S&P 500 futures up 0.2% after a four-day losing streak.
    • Nvidia (NVDA) earnings on Wednesday could be a key driver for AI-related stocks.

  • Commodities:

    • Copper rose after Trump ordered a review of potential tariffs.
    • WTI crude steadied at $69.17/barrel, after dropping into the $60s range due to economic concerns.
    • Gold retreated, while Bitcoin continued its decline, extending a 6% overnight drop.

Key Economic Events This Week

  • Nvidia earnings (Wednesday) – A critical AI market barometer.
  • U.S. PCE inflation report (Friday) – The Fed’s preferred inflation metric, expected to cool further.
  • U.S. GDP & durable goods data (Thursday) – Market-moving economic indicators.

Summary:

  • Chinese stocks rebound, led by tech, while U.S. markets remain cautious.
  • AI and China’s policy direction remain key themes driving investor sentiment.
  • Markets await Nvidia earnings and the Fed’s inflation report for further direction.
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