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.
China’s 5% growth target for 2024 is under intense scrutiny, with sluggish consumer spending , an uncertain export outlook , and a shaky property market casting doubt over its feasibility. In late September, Beijing introduced a series of stimulus measures , leading to a historic stock rally. However, investor disappointment soon followed as the support measures were seen as insufficient, prompting further government promises of aid for the property sector and hints at increased government borrowing . The Economic Downturn Before these latest efforts, many global banks were already skeptical that China could meet its growth goal. Deflationary pressures were rising, with new-home prices hitting their lowest levels since 2014, and consumer confidence slumped to a multi-year low. Analysts questioned the effectiveness of fiscal and monetary policy, while China's export growth reached its highest value in two years but was met with global resistance due to cheap Chinese goods . Late...