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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

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.
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Citi Shuts Most UAE Branches as Banks Evacuate Staff Amid Escalating War

Global  banks  are  scaling  back  operations  in  the  Gulf  as  the  Iran  conflict  deepens,  with  Citibank  temporarily  closing  most  of  its  UAE  branches  and  evacuating  staff  from  key  financial  districts. Citi  Closes  UAE  Branches  Until  March 14 Citibank   will  shut  most  of  its  branches  and  financial  centres  across  the  United  Arab  Emirates  through  March 14  as  a  precautionary  measure. Mall  of  the  Emirates  branch  remains  open Reopening  planned  for  March 16 Citiphone  services  operating  at  limited  capacity Cheque  processing  expected  to  face  delays Earlier  this  we...
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Big Banks Set to Kick Off Q3 Earnings Season as M&A Revival Fuels Optimism

The upcoming third-quarter earnings season in the U.S. will begin with the nation’s largest banks, offering a critical gauge of economic health amid a partial government shutdown that has delayed key macro data. Analysts expect  S&P 500 earnings to rise 8.8% year-on-year  in Q3 2025, with major banks forecasted to outperform, posting  double-digit EPS growth  driven by a rebound in investment banking and steady lending. JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo  report results on Oct 14, followed by  Bank of America and Morgan Stanley  on Oct 15. Key Themes Driving Results Investment Banking Recovery: U.S. banks announced  52 M&A deals worth US$16.6 billion  in Q3—the most since 2021—supported by greater regulatory clarity and improved corporate confidence. IPO activity also hit its strongest level since late 2021. Trading Revenues: Elevated volatility across equities, fixed income, currencies, and commodities boosted client...
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US Banks Enter New Era of Consumer Financial Data Sharing

US banks will soon be required to provide customers with access to their financial data under a new Consumer Financial Protection Bureau (CFPB) rule aimed at increasing competition in the financial sector. This open banking rule will allow consumers to demand, download, and transfer their financial data to another lender or financial services provider for free, facilitating easier transitions to services with better rates. The rule aims to lower the cost of loans and improve services by empowering consumers to switch providers, said CFPB Director Rohit Chopra . He noted that many Americans are currently stuck in products with poor rates and services, and this measure will give them the power to seek better financial options . The regulation will cover data such as savings patterns , chequing accounts , rent payment history , and other financial information that has historically been hard to transfer. The move is expected to benefit fintechs like PayPal's Venmo and Betterme...
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