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 Takeaways Stock Plunge: Cambricon Technologies fell nearly 9% Friday, its steepest drop since April, after cautioning investors that its recent share-price surge had outpaced fundamentals. Rally Context: Shares had soared 134% since late July, far outstripping the CSI 300 Index’s 8% gain, amid a broader AI-driven market rally in China. Warning: The company cited “non-existent pipeline products,” ongoing US sanctions, and the challenges of moving up the technology value chain as risks. Guidance: Revenue for 2025 is projected at 5–7 billion yuan , versus 1.2 billion yuan in 2024 , highlighting strong top-line growth expectations. Market Dynamics Cambricon’s filing underscores growing official and corporate caution over China’s AI-chip stock frenzy. Regulators have already signaled concern as retail investors dominate trading and banks tighten scrutiny on stock-funded credit usage. Peer firm Dosilicon suspended trading Friday due to “unusual f...