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.
Arohan Financial Services Ltd, a microfinance institution focused on providing loans to underserved women , is postponing its initial public offering (IPO) after Indian regulators ordered a group of shadow lenders to halt new loans. The Reserve Bank of India (RBI) took action earlier this month, citing concerns over high interest rates and non-compliance with rules related to borrower assessments. Arohan, based in Kolkata, had planned to file for an IPO to raise US$200 million (RM872 million) but has now delayed those plans following the RBI’s directive. The shadow bank offers loans to groups of three to five women at 24.25% interest rates , with loan amounts ranging from 25,000 rupees (US$297) to 100,000 rupees , over a period of 24-30 months . The RBI found that Arohan and three other shadow lenders— Asirvad Micro Finance Ltd , DMI Finance Pvt Ltd , and Navi Finserv Ltd —violated rules related to household income assessments and borrowers' ability to repay. Navi Finserv, ba...