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.
The Red Sea crisis has led to a significant shift in Asia's export landscape , with companies involved in goods production facing increased costs, while those in the freight and shipping sectors benefit from a spike in freight rates . Container ships have been avoiding the Red Sea due to the heightened risk of attacks, reducing vessel traffic through the narrow passageway by about 70% from December to mid-July, according to Bloomberg Intelligence. This decline in traffic has resulted in increased transit times and higher freight rates. Chinese shipping companies, including Cosco Shipping Holdings Co , reported earnings growth driven by increased revenue from their container shipping businesses. Similarly, Orient Overseas International Ltd saw improved performance on its Trans-Pacific trade routes, as tight supply chains contributed to higher freight rates. On the other hand, companies such as Miniso Group Holding Ltd have been hit hard by escalating logistics costs. Dixon Tech...