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.
Asian equities advanced for a second straight session on Tuesday, mirroring Wall Street’s tech-led rebound as expectations mounted for a US Federal Reserve rate cut next month.
MSCI’s Asia Pacific equity benchmark rose as much as 0.8%, with gains across Hong Kong, China and Japan following the first Trump–Xi talks since last month’s tariff truce. The regional move echoed a strong recovery in US tech shares on Monday, which helped lift broader sentiment after a volatile few weeks.
Alphabet climbed in late trading while Nvidia dipped after reports that Meta Platforms is in talks to spend billions on Google’s AI-focused processors.
The rally gained further support after Fed governor Christopher Waller signalled openness to a December rate cut, reinforcing similar comments from San Francisco Fed president Mary Daly and New York’s John Williams. Money markets now assign roughly a 90% probability to a December reduction.
Treasuries held Monday’s gains, with the 10-year yield hovering near 4.02%. Gold steadied after a strong prior-session jump as lower yields lifted appeal for non-yielding assets.
“Many of November’s fears about AI and a cratering job market have not materialised,” said David Laut, chief investment officer at Kerux Financial. “This looks more like a traditional market pullback rather than the start of a deeper correction.”
Investors now turn their attention to a heavy slate of US data ahead of Thanksgiving. September retail sales, PPI, durable goods orders and weekly jobless claims will be key inputs given the absence of official payrolls data during the recent government shutdown. Earnings from Dell, HP and Alibaba also stand in focus.
Bitcoin continued to trade erratically, slipping after gains earlier in the week, while oil edged lower amid progress in Ukraine peace talks that could open the door to increased supply.
Key Takeaways for Investors
• Fed cut expectations surge: Market pricing now implies a near-certain December rate cut, lifting risk appetite.
• Tech sentiment stabilises: Alphabet rebounds post-market; Nvidia eases on reports of Meta exploring Google’s AI chips.
• Asian markets follow Wall Street higher: Hong Kong, China and Japan outperform as risk mood improves.
• Macro data-heavy week: Retail sales, PPI, durable goods and jobless claims become key guides in the absence of payrolls data.
• Gold firms, bitcoin volatile: Lower yields support bullion; crypto remains choppy after recent sharp swings.
• Oil softens: Peace-talk progress creates supply overhang concerns.
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