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.
Despite facing Western sanctions, Sberbank, Russia's largest lender, reports booming trade with India and seamless bilateral payments, according to Anatoly Popov, the bank's deputy CEO. With Sberbank handling payments for up to 70% of Russian exports to India, the bilateral trade between the two countries almost doubled to $65 billion in 2023, driven largely by India's increased imports of Russian oil. Key Takeaways: Strengthened Trade Relations with India : Western sanctions have led Russian businesses to turn to the Indian market as an alternative, resulting in a significant increase in trade. Sberbank's operations in India, including branches in Delhi and Mumbai and an IT center in Bangalore, have expanded rapidly, with staff numbers rising by 150% this year. The bank's transactions in rupees and roubles proceed smoothly, with 90% completing within hours, a marked contrast to trade with other partners like China. Efficient Payment Mechanisms and Currency Balancin...