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.
The proposed $14.9 billion takeover of US Steel by Japan's Nippon Steel has raised national security concerns in the US, with fears that the acquisition could jeopardize the supply of steel crucial for key sectors like transportation, construction, and agriculture. The Committee on Foreign Investment in the United States (CFIUS) outlined these concerns in a 17-page letter to both companies. Key Takeaways: National Security Concerns Cited by CFIUS : CFIUS argues that Nippon's control over US Steel could lead to reduced domestic steel production capacity. The committee also emphasized that Nippon, as a foreign entity, may be less inclined to seek trade protections against cheap foreign steel, particularly from China, which continues to flood global markets with low-cost exports due to government interventions. This position reflects apprehensions about the potential for a weaker stance on protecting US steel interests under foreign ownership. Political and Trade Implications : Th...