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.
Despite a 30% surge in the Hang Seng China Enterprises Index since late September, global fund managers like Invesco Ltd., JPMorgan Asset Management , and Nomura Holdings Inc. remain cautious about the sustainability of the rally. The rebound, driven by Beijing’s stimulus measures including interest rate cuts and liquidity support, has reinvigorated investor confidence. However, concerns over overvalued stocks and the need for more concrete economic recovery actions persist. Invesco's Raymond Ma warns that some stocks are now overvalued , and their fundamentals may not justify their high prices. Similarly, JPMorgan Asset Management is wary, calling for additional policy measures to further boost confidence and economic activity, especially as global uncertainties—like the upcoming US elections —loom. While Nomura warns of a potential stock market "boom to bust" scenario , with risks reminiscent of the 2015 crash , HSBC Global Private Banking remains neutral, e...