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 Chinese AI chipmaker Cambricon Technologies (688256.SS) plunged ~12% in morning trade Thursday, its steepest intraday drop since Jan 2025, as investors booked profits after a parabolic August rally. The selloff also weighed on China’s broader semiconductor sector and the STAR50 Index. Market Snapshot Cambricon Technologies : –12% intraday (Sept 4) STAR50 Index : –5% Onshore Semiconductor Stocks : –6% CSI300 Index : +10% over past month Drivers of the Decline Profit-Taking : Stock more than doubled in August, triggering rotation. Index Rebalancing Risk : Cambricon’s weight in STAR50 rose to 15% , breaching 10% single-stock cap. Rebalancing expected on Sept 12 , raising selling pressure concerns. Company Warning : Cambricon issued risk disclosure last week, cautioning investors about speculative excess. Macro Headwinds : Reports that regulators may curb speculation after US$1.2T rally since early Aug. Sector Context AI & Tech Surge : ST...