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 US dollar is rallying this week as traders reassess the potential interest-rate cutting paths of the Federal Reserve compared to other global central banks. The Bloomberg Dollar Spot Index has climbed for a fourth consecutive session, marking its longest winning streak in a month. This momentum followed stronger-than-expected ISM data , which prompted traders to temper expectations for aggressive monetary easing by the Fed. Market sentiment shifted earlier in the week after Fed Chair Jerome Powell stated that the US economy remains on solid footing. According to Jayati Bharadwaj , a currency strategist at TD Securities, the dollar was previously oversold and was bound for a rebound as US economic data stabilized , while global economic indicators weakened. The rally has also been driven by a selloff in major currencies such as the pound and yen . The British pound fell over 1% after Bank of England Governor Andrew Bailey suggested the potential for more aggressive ...