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.
As a crucial vote on European Union (EU) duties on China-made electric vehicles (EVs) approaches, Beijing has employed a calculated carrot-and-stick strategy toward the 27-member bloc, threatening trade retaliation while simultaneously engaging key EU states in one-on-one negotiations over deals and investments. The potential counter-tariffs could hit EU nations like Spain, France, and Italy —which have supported the proposed EV duties—particularly hard, with key exports such as pork, dairy, and brandy to the world's second-largest economy at risk. In contrast, EU members like Germany, Finland, and Sweden that have not pushed for the tariffs would face less impact, as they have limited exposure to these export categories targeted by China. China’s strategy seems to be gaining traction. Spanish Prime Minister Pedro Sanchez recently concluded a visit to China, where he was photographed in a Chinese EV, calling the experience an “honor.” Following his visit, Sanchez unexpectedly ca...