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.
Volkswagen has entered tense pay negotiations with its powerful trade unions under the looming threat of factory closures in Germany, a potential first for Europe’s largest automaker. The discussions, which began Wednesday, could shape the company’s approach to layoffs and cost-cutting measures as it grapples with rising energy and labor costs . The talks are set against a backdrop of high tensions, as the IG Metall union , representing a significant portion of Volkswagen’s workforce, has vowed to resist any attempts at plant closures . These negotiations will also determine new labor agreements for 130,000 VW workers in Germany after the company recently ended employment guarantees at six of its western German plants, which had been in place since the mid-1990s. Volkswagen argues that high operating costs in Germany are hampering its ability to compete, especially with Chinese rivals aggressively targeting the electric vehicle (EV) market in Europe. Arne Meiswinkel, Volkswagen...