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.
US business activity continued to expand in October, driven by strong demand , while price increases for goods and services slowed to their lowest pace in nearly 4.5 years , according to S&P Global . The Composite PMI Output Index rose to 54.3 , indicating solid growth in both the manufacturing and services sectors, up from 54.0 in September. Any reading above 50 signals expansion in the private sector. This growth momentum is consistent with recent retail sales data , suggesting that US economic growth gained speed in the third quarter, with the Atlanta Federal Reserve estimating a 3.4% annualized GDP growth rate for the quarter. According to Chris Williamson , Chief Business Economist at S&P Global Market Intelligence , the data indicates a strong start to the fourth quarter, with economic activity sustaining the year-to-date upturn. Additionally, the report showed that price pressures eased, with the measure of prices charged by businesses falling to 51.6 , the lo...