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.
French luxury powerhouse Kering SA , the owner of Gucci , is close to finalizing the sale of its beauty division to L’Oréal , according to people familiar with the matter. The deal, reportedly valued at around US$4 billion (RM16.9 billion) , could be announced as soon as next week. If completed, the acquisition would give L’Oréal , the world’s largest beauty conglomerate, control of fragrance house Creed and rights to develop cosmetics and perfumes for Kering’s high-end fashion labels including Bottega Veneta, Balenciaga, and Alexander McQueen . The move would further strengthen L’Oréal’s dominance in the luxury beauty segment, complementing its existing portfolio that includes brands like Yves Saint Laurent Beauté and Giorgio Armani Beauty. A Strategic Move for Kering The sale represents a significant step for Kering’s new CEO Luca De Meo , who took office in September. De Meo’s top priority has been to addre...