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.
Banco BPM SpA is set to deliberate on UniCredit SpA’s surprise €10.1 billion (US$10.6 billion) all-stock takeover bid, which has sent ripples through financial markets and the Italian government. UniCredit CEO Andrea Orcel unveiled the offer on Monday, valuing Banco BPM at €6.657 (RM31.09) per share , based on Friday's prices. Shares of Banco BPM rose above €7 on Monday , signaling investor anticipation for a potential bid increase. The board of Banco BPM is convening on Tuesday, during a previously scheduled meeting, to address the unexpected offer. A Banco BPM representative has declined to comment. Strategic Implications Analysts see significant industrial value in the potential merger. However, Equita analyst Andrea Lisi noted the premium offered is limited , raising questions about the deal’s attractiveness to investors. Orcel has long eyed Banco BPM, with the timing possibly influenced by recent moves in Italian banking. Banco BPM recently...