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.
Germany is experiencing a mild recession and is unlikely to see any economic growth for the rest of 2024, according to a Bloomberg survey of analysts. The poll forecasts a 0.1% contraction in the third quarter , following a similar unexpected decline in the second quarter. Just a month ago, analysts had predicted stagnation for the period between July and September. This marks a downward revision from the previously anticipated 0.1% growth for the year , but remains slightly more optimistic than the German government’s forecast of a 0.2% contraction . Germany is grappling with several challenges, including the loss of Russian energy supplies , weak export demand from China , difficulties in its automotive sector , and a shortage of skilled workers . The economic downturn in 2024 could result in the second consecutive year of GDP decline, a rare occurrence since the reunification of West and East Germany in 1990. In 2023, Germany was the only Group of Seven (G7) economy to shrink, w...