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.
Hedge funds turned bullish on the yen just before dovish comments by Japan’s new prime minister, Shigeru Ishiba , and a robust US jobs report caused the yen’s worst weekly drop since late 2009 . Data from the Commodity Futures Trading Commission (CFTC) showed that speculative investors flipped to a net long position on the yen for the first time since mid-August. Expectations for a more hawkish stance by the new prime minister were upended when Ishiba said Japan wasn't ready for further rate hikes . Additionally, stronger-than-expected US nonfarm payrolls data bolstered demand for the US dollar , leading the market to price out another major Federal Reserve rate cut . As a result, Japan's currency plunged 4.4% against the dollar last week, marking its worst loss since 2009 . With the dollar-yen exchange rate heading toward 150 per dollar , some investors have begun re-loading short yen bets in risky carry trades, reflecting continued bearish sentiment. Hedge funds were the...