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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

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.
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TSMC Eyes 3nm Chip Production in Japan, Boosting Takaichi’s Tech Push

Key Takeaways TSMC plans 3nm chip production in Japan , upgrading from earlier 7nm plans Investment may rise to ¥2.6 trillion , strengthening Kumamoto as a chip hub Political boost for PM Sanae Takaichi  ahead of a snap election Supports  AI demand and global supply-chain diversification Taiwan Semiconductor Manufacturing Co.  is planning to produce  advanced 3-nanometre chips in Japan , a significant upgrade from earlier plans and a political win for Prime Minister  Sanae Takaichi  as she pushes to rebuild the country’s semiconductor base. The world’s largest contract chipmaker intends to deploy cutting-edge technology at its  second wafer fabrication plant in Kumamoto , according to people familiar with the matter. That would mark a step up from the initial roadmap to manufacture  7nm chips by late 2027 . To support the expansion, TSMC is expected to raise its total investment in the project to  ¥2.6 trillion (US$17 billion) , Japanese medi...
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Weak Yen No Longer a Boon for Japanese Stocks Amid BOJ Hawkishness

The long-held belief that a weaker yen benefits Japanese stocks is unraveling as the correlation between the two diminishes due to diverging global monetary policies. Key Developments Topix Stagnation: Despite the yen’s volatility, the Topix Index has remained range-bound since its summer crash. The correlation coefficient between the yen and Topix is near zero, indicating negligible linkage. BOJ’s Policy Shift: The Bank of Japan (BOJ) shifted focus in May to curb inflation driven by a weak yen, rather than stimulating a virtuous cycle of wages and prices. Foreign investors have been net sellers of Japanese stocks since this shift. Impact of BOJ Hawkishness: A weaker yen now signals potential BOJ rate hikes, which depress stock valuations. The BOJ’s hawkish stance contrasts with expectations of rate cuts by the US Federal Reserve, creating further headwinds for Japanese equities. Changing Dynamics of the Japanese Economy Export Dependency Declines: Japan’s economy, long perceived as ...
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