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.
Coal prices in China are expected to face further declines, extending the slump to new lows due to elevated inventories at major transportation hubs. These stockpiles are at near-record-high levels and are more than a third higher than at the same time last year, according to the China Coal Transportation and Distribution Association. This surplus in supply, combined with reduced consumption, is exerting downward pressure on prices, which have already dropped by over 20% in the past year. Key Insights: High Inventories : Aggressive coal buying from China and other Asian importers in the fall, coupled with lower consumption in early 2025, has led to high stockpiles. As a result, miners are now facing challenges in finding demand for their coal, forcing them to cut prices in an effort to sell. Declining Prices : Coal prices have already hit a four-year low, and industry analysts predict that they may fall further in the coming months. Morgan Stanley analysts, including Sara Chan, warned ...