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 Semiconductor Manufacturing International Corp (SMIC) has pledged to steer clear of engaging in a price war within the semiconductor industry, while forecasting sequential revenue growth of up to 15% for the current quarter. This announcement comes as SMIC reported earnings that beat market expectations, signaling a potential recovery in the global semiconductor market. Key Highlights: Commitment to Stable Pricing: Co-CEO Zhao Haijun reiterated SMIC's stance against initiating price cuts, despite competition from peers with excess capacity who are lowering prices to attract customers. Zhao emphasized that SMIC will focus on maintaining stable pricing. Favorable Industry Trends: Zhao noted that geopolitical tensions are pushing companies to switch to local semiconductor suppliers, particularly within the Chinese market, which is benefiting SMIC. These trends are expected to continue positively impacting the industry in the second half of the year. Strong Earnings Perfo...