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 Takeaways: Steel Production Cuts: Several Chinese steel mills, including prominent players in Xinjiang, have started cutting production as part of a broader effort to address a supply glut and low profitability in the steel industry. Mysteel reported that four steelmakers in the region have reduced output by 10%, which began on March 25. Limited Impact on National Output: Despite the cuts, the overall impact on China’s national steel production is minimal. Xinjiang’s steel output represented just 1.3% of the country’s total production last year. The reductions amount to about 2,000 tons of daily output in a nation that produces nearly 3 million tons of steel daily. Government’s Role in Industry Adjustment: This production cut follows a pledge made by the Chinese government earlier this month to reduce steel output. The government aims to address the overproduction crisis that has been damaging the industry’s profitability and pushing for more sustainable pro...