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.
Shares Hit New All-Time Low Bermaz Auto Bhd (KL:BAUTO) slid to a record low on Friday after reporting quarterly earnings that badly missed expectations, triggering a wave of analyst downgrades. The stock fell as much as 9% to 61.5 sen before paring slightly to 62.5 sen at 10am, with nearly 10 million shares traded. Year to date, Bermaz has lost around 60% of its market value, wiping out over RM1 billion in capitalisation. Quarterly Earnings Shock Net profit in the most recent quarter came in at just 5% of consensus full-year forecasts, forcing analysts to sharply revise down estimates. The poor showing prompted two more research houses to cut their recommendations to “sell,” bringing the tally to eight sell calls, six hold, and only two buys. Public Investment Bank noted that Malaysia’s non-national passenger vehicle segment is under pressure from weaker consumer confidence, higher costs due to fuel subsidy rationalisation, and inflationary headwinds. Competitive Pressure from Ch...