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.
Key Takeaway: Malaysia’s largest container port operator, MMC Port Holdings Bhd , has received regulatory approval for a Main Market listing that could raise around RM8.5 billion . The IPO will involve up to 30% of existing shares , with proceeds going to parent company MMC Corporation. MMC Port Holdings Bhd , the country’s biggest container port operator, has secured approval to proceed with its highly anticipated initial public offering (IPO) on Bursa Malaysia’s Main Market. The proposed listing, which must be completed within six months of approval, will involve a sale of up to 30% of existing shares . Importantly, all shares offered will come from parent company MMC Corporation Bhd , which is controlled by Tan Sri Syed Mokhtar Al-Bukhary . As a result, MMC Port itself will not receive any of the IPO proceeds. According to Bloomberg, the offering could raise as much as US$2 billion (RM8.5 billion) , making it one of the largest Malaysia...