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.
Commerzbank is preparing to enter discussions with Italy’s UniCredit after the latter acquired a 9% stake in the German bank. According to sources, Commerzbank will likely assign its CFO Bettina Orlopp to lead the talks when its supervisory board meets next week. UniCredit's move signals its interest in a potential pan-European bank merger , but the talks come with significant political and economic challenges, particularly in Germany, where trade unions fear potential job cuts. Commerzbank’s management is entering these talks out of duty to its shareholders but remains largely opposed to a takeover by UniCredit , one insider revealed. Orlopp, known for navigating Commerzbank through previous tumultuous periods, is expected to steer the discussions, which will focus on the potential implications of a merger and the bank's strategic response. The interest from UniCredit has drawn backlash in Germany, embarrassing the German government, which inadvertently sold part of its Co...