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.
Oil prices remained stable on Wednesday, following gains in the previous two sessions, as investors focused on the anticipated US Federal Reserve (Fed) interest rate cut and potential geopolitical tensions in the Middle East . Brent crude futures for November fell slightly by three cents to US$73.67 per barrel, while US crude futures for October slipped by 11 cents, or 0.2%, to US$71.08 per barrel at 0053 GMT. Both contracts had increased by around US$1 per barrel on Tuesday due to ongoing supply disruptions in the US following Hurricane Francine and market speculation about rising demand following what could be the Fed's first rate cut in four years. The market was also buoyed by concerns over potential output disruptions in the Middle East after Israel allegedly attacked militant group Hezbollah in Lebanon with explosive devices, heightening tensions in the region. "Markets have calmed down as concerns over hurricane damage and escalating tensions in the Middle ...