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.
US retail sales saw an unexpected increase in August, fueled by strong online sales that offset a decline in receipts at auto dealerships. This data suggests that the economy remains on firm footing heading into the third quarter. The Commerce Department reported on Tuesday that retail sales were slightly stronger than initially estimated in July, reinforcing optimism about the economy's strength. Combined with a drop in the unemployment rate last month, this development challenges market expectations for a half-percentage-point interest rate cut by the Federal Reserve on Wednesday. "There does not appear to be any reason for Fed officials to start with a larger 50 basis points rate cut because whatever stress exists in the labor market isn't translating into weaker economic demand," said Christopher Rupkey , chief economist at FWDBONDS. "If this is an economy on the brink of recession, consumers certainly don't see it." Retail sales rose by 0.1% in A...