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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

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.
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Malaysia’s Exports Shrink for Second Straight Month in June, Trade Surplus Narrows Sharply

Malaysia’s exports fell  3.5% year-on-year  in June, marking the second consecutive month of contraction, as a steep drop in petroleum product shipments offset gains in electronics and agriculture.   June exports : Totalled  RM121.7 billion  (~$28.7 billion) Fell  3.9%  month-on-month Down from  -1.1% YoY  in May Key Drivers of Export Decline : Petroleum products :  -28.1% YoY  to RM8.38 billion Shipments to China  (Malaysia’s top trade partner):  -9.3% YoY  to RM14.84 billion Offsetting Gains : Electronics & electrical products  (over ⅓ of exports):  +1.3% YoY  to RM53.95 billion Palm oil & related products :  +24.7% YoY  to RM6.93 billion Imports : Rose  1.2% YoY  to  RM113.1 billion Driven by capital and consumption goods Purchases of intermediate goods declined Trade Surplus : RM8.6 billion , down  40.1% YoY Summary : June’s trade data highlights weakening globa...
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Malaysia’s Export Growth Strengthening in 2H2024

Economists anticipate Malaysia’s trade performance to strengthen in the second half of 2024, supported by a resurgence in the global technology cycle, resilient economic growth in major economies, and potential increases in commodity prices. Key Points: Positive Outlook: RHB Bank’s Economic and Market Strategy report predicts export-oriented sectors, such as electrical and electronic (E&E) products and commodity-based goods, will benefit from brighter global growth prospects. The global semiconductor market showed a 19.3% year-on-year increase in May 2024, driven by strong growth in the Americas and Asia-Pacific regions. June Export Data: June’s export growth decelerated to 1.7% y-o-y (RM126.05 billion), below the consensus estimate of 3.3%. The slowdown was attributed to sluggish exports of manufactured and agricultural goods amid high base effects from the previous year. Commodity Exports: RHB expects higher commodity prices to boost exports of petroleum and petroleum-based produ...
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