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: Country Garden submits a preliminary debt restructuring proposal to creditors in a bid to avoid liquidation, as its cash flow outlook worsens amidst China's struggling property market. Restructuring Proposal Details Preliminary Terms Submitted: The proposal includes revised cash flow projections , indicating weaker cash flow in the coming years compared to earlier estimates. Aims to demonstrate the company’s ability to meet obligations. Objective: To gain creditor support ahead of the next Hong Kong court hearing on Jan. 20, 2025 . Background Default: Once China's largest developer, Country Garden defaulted on US$11 billion (RM49.2 billion) in offshore bonds late last year. Facing a liquidation petition in Hong Kong. Missed Deadline: Initially planned to publish term sheets in September 2024 for creditor approval, but the deadline was missed. China's Property Market Struggles Economic Measures: Government efforts to revive the property sector have includ...