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.
China's central bank, the People's Bank of China (PBOC) , reduced the one-year policy loan interest rate from 2.3% to 2% , while simultaneously withdrawing 291 billion yuan (US$41.4 billion) from the banking system through the medium-term lending facility (MLF) . This marks the largest liquidity drainage since December 2021. These moves come as part of a broader stimulus package aimed at reviving China's slowing economy. On the previous day, PBOC Governor Pan Gongsheng announced a 30-basis-point rate cut and revealed plans to inject one trillion yuan in long-term liquidity by reducing the reserve requirement ratio (RRR) by 50 basis points, which lowers the amount of cash banks must keep in reserve. The PBOC is transitioning away from using the MLF as a key policy tool, shifting towards shorter-term instruments like seven-day reverse repurchase notes . This shift is part of a new policy framework designed to influence market borrowing costs more effectively, aligning...