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.
Shares of Reece Ltd (ASX: REH) collapsed as much as 22% on Monday — the sharpest single-day drop since 1978 — after the Australian plumbing supplies company reported a sharp fall in full-year profit and flagged prolonged weakness in the US housing market . Earnings Miss and Market Reaction Net profit: Fell 24% YoY to A$316.9m (US$205m) for the year ending June 30, missing analyst expectations. Revenue mix: The US accounted for 57% of total sales , making the group heavily exposed to America’s housing cycle. Market response: Shares plunged to their lowest in years, as investors digested the cautious guidance and deteriorating US demand outlook. US Housing Overhang Reece anticipates the US property market will remain constrained for the next 12–18 months , citing affordability challenges and tighter financing conditions. Its warning echoes recent profit downgrades across housing-related firms : James Hardie Indu...