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.
Moody’s Investors Service said it is considering a downgrade of B&M European Value Retail’s (LSE: BME) ratings, including its Ba1 corporate family rating , as the UK discount retailer prepares to launch a third-party review following the discovery of a major accounting error. The rating agency said the review will assess the potential implications of the third-party audit on B&M’s credit profile , citing uncertainty over both the timing and outcome of the process as key reasons for placing the company’s ratings under review for a downgrade. B&M’s decision to commission the external review comes after uncovering an accounting error involving £7 billion in overseas freight costs that had not been properly recognized in its financial records. In conjunction with the disclosure, B&M announced the resignation of Chief Financial Officer Mike Schmidt , further intensifying investor concern over corporate governance and finan...