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.
Shipping stocks across Asia plummeted after dockworkers at US East and Gulf coast ports agreed to suspend their strike , dashing hopes that container rates would rise due to reduced supply. Japan’s Kawasaki Kisen Kaisha Ltd dropped as much as 13% in Tokyo, while Mitsui OSK Lines Ltd fell by more than 9% . In South Korea, Pan Ocean Co Ltd and Korea Line Corp both saw declines, with Pan Ocean down 5.5% . Meanwhile, Cosco Shipping Holdings Co , listed in Hong Kong, plunged over 12% in early trading. Thailand's Regional Container Lines PCL is also expected to be in focus when markets open there. Analyst Tsuyoshi Hori of Mito Securities Co in Tokyo noted, "The view had been that the container shipping market would rise as a result of the strike continuing." With the strike paused, short-term traders have reversed their trades . The US dockworkers’ decision to resume cargo movement came after the labor contract expired, affecting ports from Houston to Boston . The s...