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.
A hawkish shift by the Federal Reserve has unsettled bullish sentiment in the stock market, with Bank of America strategist Michael Hartnett warning of shaky risk appetite as US equities face their worst week in over three months . Key Highlights 1. Fed's Impact on Sentiment Fed Pivot : A renewed focus on inflation concerns and fewer expected rate cuts in 2025 have dampened investor confidence. Stock Allocation Surge : Record-high allocations to US equities and low cash holdings triggered a sell signal for stocks earlier this week, according to BofA's fund managers survey . 2. Market Breadth Concerns Narrow Leadership : The S&P 500 Equal Weighted Index has dropped 7% since a November peak, while the main S&P 500 declined less than 3% , indicating reliance on a few top-performing stocks. Banking Sector's Role : The SPDR S&P Bank ETF must hold near...