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.
As the US election approaches, investors are increasingly cautious about the outlook for the US dollar , favoring trades that steer clear of the world’s reserve currency. Major financial institutions, including Wells Fargo , RBC , and Allspring Global Investments , report a clouded near-term direction for the dollar, prompting a shift in market strategies. With uncertainty surrounding the election outcome, traders are exploring alternative currency pairs, such as shorting the Swiss franc against the Japanese yen and buying the British pound against the New Zealand dollar . "Investors are trying to stay clear of the dollar and take more cross-currency exposure," noted Elsa Lignos , global head of FX strategy at RBC Capital Markets. Traditionally, the dollar plays a dominant role in the foreign-exchange market, accounting for 88% of all trades in the $7.5 trillion-a-day market. However, with the Federal Reserve debating interest rate cuts and the election looming, the risk of...