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.
India has moved to cut fuel taxes sharply in a bid to shield its refining sector and consumers from the impact of surging crude prices caused by the ongoing Middle East conflict. Government Steps In to Cushion Oil Price Surge The government reduced fuel levies significantly: Gasoline tax cut to 3 rupees/litre (from 13 rupees) Diesel tax cut to zero (from 10 rupees) The move comes as global oil prices have surged, with India’s crude basket rising to around US$123 per barrel , up from US$85 in March 2024 . Refiners Protected, Pump Prices Unchanged Bharat Petroleum Corp Ltd and other state-owned refiners — which control about 90% of fuel retailing in India — are expected to maintain current pump prices . This suggests the tax cuts are designed primarily to: Protect refining margins Prevent sudden price hikes for consumers Maintain economic stability ahead of inflation risks Oil Shock Forces Policy Response India, the world’s...