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.
Global financial markets are reeling from a staggering $6.4 trillion wipeout in stock value, leading traders to brace for what some fear could be the beginning of a prolonged market downturn. The turmoil is driven by mounting concerns about a US economic slowdown and a potential bubble in artificial intelligence (AI) investments. Key Market Movements Asian Markets: The Nikkei in Tokyo fell by 12% , and Kospi in Seoul plummeted by 9% . The Nasdaq in New York dropped by 6% within seconds of opening on Monday, contributing to the global market rout. Cryptocurrencies and Volatility: Cryptocurrencies also took a hit, while the VIX , a measure of market volatility, surged as investors flocked to safe-haven assets like US Treasury bonds. Market Rebound: Some markets showed signs of recovery on Tuesday, with key indices in Japan rebounding more than 10% . However, confidence that the market has reached a bottom remains low. Factors Contributing to the Market Selloff US Economic Concerns: R...