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.
Asian markets saw a broad rally on Monday, with the Indonesian rupiah and Malaysian ringgit leading the gains, following Federal Reserve Chair Jerome Powell's indication that the U.S. central bank is likely to cut interest rates next month. Powell's comments at the Jackson Hole symposium have fueled investor optimism, driving emerging market currencies and stocks higher. Key Takeaways: Currency Strengthening : The Indonesian rupiah surged by as much as 1.3% against the U.S. dollar, reaching its highest level since September 2023. The Malaysian ringgit, which has been the region’s best-performing currency this year, gained 0.8%, hitting levels not seen since mid-February 2023. Stock Market Gains : In Indonesia, the Jakarta Composite Index rose by 0.9% to a record high, reflecting strong investor sentiment. Malaysia’s benchmark index also advanced, albeit modestly, by 0.1%. Powell’s Impact : Powell’s speech last Friday signaled a likely shift towards a rate cut in September, whic...