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.
Under Armour Inc’s stock jumped by as much as 31% on Thursday after reporting better-than-expected sales and earnings for the second quarter, fueling optimism in the sportswear brand’s turnaround led by founder Kevin Plank. The company now projects a fiscal year operating loss of up to US$196 million, improved from a previous forecast of US$240 million. Plank, who resumed his role as CEO in April, is restructuring Under Armour’s operating model and supply chain to drive savings. Despite a sixth consecutive quarter of declining revenue, this performance signals potential momentum in the company’s recovery. Restructuring costs have reached US$40 million, with total charges expected to hit US$160 million due to decisions like closing a California distribution center. Regarding potential tariffs under President-elect Donald Trump, CFO Dave Bergman indicated that Under Armour doesn’t foresee significant impacts but remains vigilant. With new tariffs a key topic among companies, U...