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.
Earnings Slump Due to Market Oversupply Lynas Rare Earths Ltd reported a net income of A$5.9 million (US$3.7 million) for the six months ending Dec 31 , far below analyst expectations of A$32.2 million . Shares fell as much as 5.8% in Sydney following the disappointing results. No interim dividend declared as the company navigates weak market conditions. Why Did Profits Drop? Rare earth prices have fallen nearly 70% since their 2022 peak , due to China’s strong output and economic slowdown . Despite a 30% recovery since March 2024 , prices remain volatile. Lynas faces cost pressures as it expands operations in Australia, Malaysia, and the U.S. Market Outlook & Strategic Positioning CEO Amanda Lacaze sees current market challenges as short-term but acknowledges price weakness. Jefferies analysts highlight Lynas’ strategic positioning to benefit from any future price rebounds. The U.S. and Australia continu...