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 equities are expected to open weaker on Thursday after Wall Street's muted response to U.S. inflation data, which still supported expectations for Federal Reserve (Fed) rate cuts. While equity futures in Japan and Hong Kong declined, Australia's futures advanced, and U.S. contracts remained largely unchanged. Key Highlights: Wall Street Reaction: The S&P 500 rose 0.4% on Wednesday, while the Nasdaq 100 edged up 0.1%, following the release of year-on-year core consumer prices that showed the slowest pace of increase since early 2021 in July. The data aligned with expectations and bolstered forecasts for a Fed rate cut in September. Fed Rate Expectations: The swaps market is now fully pricing in a 25-basis-point cut in September and 100 basis points of cuts through the end of the year. This reflects a belief that the Fed might deliver a 50-basis-point cut in one of its remaining three meetings for 2024. Treasury and Currency Movements: U.S. Treasuries and the dolla...