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.
The Malaysian International Chamber of Commerce and Industry (MICCI) has voiced concerns over the recent government decision to mandate Employees Provident Fund (EPF) contributions for foreign workers . While the move aims to improve worker welfare, MICCI warns it could bring unintended economic challenges for businesses and foreign workers alike. Key Concerns Raised by MICCI Impact on Businesses : Increased Labour Costs : Sectors like manufacturing, construction, and services heavily reliant on foreign labour face immediate cost hikes , threatening profit margins and global competitiveness. Investor Confidence : The lack of consultation sends mixed signals to investors, raising concerns about the stability and predictability of Malaysia’s regulatory environment . Challenges for Foreign Workers : Reduced Take-Home Pay : EPF deductions could reduce disposable income , affecting their ability to remit money home ...