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.
Key Takeaway: Major Taiwanese banks, led by Mega Financial Holding Co , are suspending their Facebook advertising due to concerns over rampant financial scams on the platform. In a bold move, Taiwanese banks are pulling ads from Meta Platforms Inc’s Facebook , citing the platform's failure to effectively combat a surge in online investment scams , which predominantly target the region's ageing population. Highlights of the Move: Mega Financial’s Decision Mega Financial Holding Co has stopped Facebook advertising after spending NT$16 million (RM2.20 million) annually. Chairman Ray Dawn emphasized the need for Facebook to prioritize scam prevention , especially given cases where fraudsters impersonated banks. Joint Action by Banks Ten local banks , including Shanghai Commercial & Savings Bank Ltd (SCSB) , have joined the campaign to halt ads. SCSB confirmed its participation but did not disclose its Facebook ad spending. Impact on Meta The collective action by Taiwan’s f...