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.
Pernod Ricard SA , the French spirits maker behind brands like Absolut Vodka and Martell Cognac , reported a 5.9% drop in organic sales for the fiscal first quarter, falling short of analyst estimates. Sales totaled €2.78 billion ($3 billion) , slightly below the forecast of €2.84 billion . The decline is attributed to persistently weak demand in the company’s top markets, China and the US , as consumers pull back on spending on premium spirits. Pernod Ricard's China sales plummeted 26% during the quarter, worsened by low consumer confidence driven by the country's real estate crisis . CEO Alexandre Ricard expects a further drop in Chinese sales this year, surpassing last year’s 10% decline . In addition, anti-dumping measures imposed by China on brandy imports from the European Union have also impacted sales. This action followed the EU’s decision to impose tariffs on Chinese electric vehicles. Meanwhile, US consumers remain cautious, curbing their purchases of high-en...