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.
Key Highlights: Sales Performance: Overall Sales: Richemont SA, the owner of Cartier, reported a 1% increase in sales at constant currencies, reaching €5.3 billion ($5.8 billion) in the first quarter, in line with analyst forecasts. Jewelry Sales: The company’s jewelry division showed strength with a 4% increase in sales. Challenges in Key Markets: China Sales Decline: Sales in Greater China plummeted by 27% during the quarter, reflecting cautious consumer behavior amid economic challenges. Luxury Watch Demand: The watchmaking division, which includes brands like IWC, Jaeger-LeCoultre, and Piaget, experienced a 13% overall sales decline, attributed to reduced demand for luxury watches. Management Changes: New Leadership: Amid a generational shift in management, Richemont, controlled by South African billionaire Johann Rupert, appointed Nicolas Bos as the new group CEO. Louis Ferla, the former head of Vacheron Constantin, will now lead Cartier, Richemont’s top-selling brand. Richem...