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 Gold hit a fresh record above US$3,600/oz as traders priced in a September Fed rate cut and sought protection amid stagflation concerns, governance risks at the Fed, and tariff-driven inflation threats. Market Snapshot Gold Futures (DEC5) : Session High: US$3,631.00 (+1.1%) Prior Close: US$3,592.20 (record) ICE USD Index : 98.35 (–0.05) Treasury Yields : 2Y: 3.66% (+1.5 bps) 10Y: 4.272% (+0.9 bps) Drivers of the Rally Fed Policy Outlook : Markets fully pricing a 25bps cut at Sept. 17 meeting. Lower rates reduce gold’s opportunity cost vs interest-bearing assets. Softer USD enhances appeal of gold to foreign investors. Safe-Haven Demand : Rising stagflation fears from tariffs slowing growth while raising prices. Trump pressures Fed: attempts to fire Governor Lisa Cook, push Powell for deeper cuts. Governance Premium : Concerns over Fed independence adding to gold’s bid. U.S. Treasury Secretary Scott Bessent to start process of ...