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.
Cambricon Technologies Corp. , a leading Chinese AI chipmaker, surged to its 20% daily limit on Monday, spurred by news that Beijing is increasing pressure on domestic firms to replace Nvidia Corp. processors with local options. The stock rally was part of a broader trend among semiconductor companies, with Semiconductor Manufacturing International Corp. (SMIC) rising nearly 20% in Shanghai and Naura Technology Group Co. climbing 9% . Chinese regulators have advised companies against purchasing Nvidia’s H20 chips , which are crucial for developing and running AI models. This guidance aims to bolster domestic chipmakers while avoiding overt restrictions that could hinder local AI startups and escalate tensions with the US. The Chinese government is intent on helping local AI chipmakers like Cambricon and Huawei Technologies gain market share, especially in light of potential future restrictions from the US. Earlier this year, Beijing also encouraged local electric vehicle m...