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.
Malaysia's aviation passenger traffic is now expected to recover to 94% of pre-pandemic levels in 2024, a significant upgrade from the previously projected 4% growth, according to MIDF Research . The revision comes in response to ongoing industry challenges such as aircraft delivery delays and shortages of parts and labor. Despite these obstacles, the recent appreciation of the ringgit and easing fuel prices are providing a boost to airlines, whose expenses, particularly jet fuel, are largely US dollar-denominated . MIDF anticipates that the high-yield environment will persist, leading to rising fares , especially with Malaysia Airlines reducing its capacity by 20% for the remainder of the year. Key international markets fueling the recovery are Indonesia, China, and India , with recovery rates for China and India reaching 98% and 93% respectively by the end of Q2 2024. This growth is further supported by a 30-day visa-free travel policy extended by China until December ...