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.
China is considering injecting up to one trillion yuan (US$142 billion) into its largest state banks to enhance their ability to support the country’s struggling economy, according to sources familiar with the matter. This move, potentially funded through the issuance of new special sovereign bonds, would mark the first major capital injection into China’s banks since the 2008 global financial crisis . Despite the fact that China’s top six banks already exceed capital requirements, the injection is aimed at replenishing capital after recent cuts in mortgage rates and key policy rates intended to revive the economy. These banks, including Industrial & Commercial Bank of China Ltd (ICBC) and Bank of China Ltd (BOC) , have been grappling with record-low margins , shrinking profits, and rising bad debt due to economic pressures. Li Yunze, China’s top banking regulator, hinted earlier this week that measures would be taken to boost core Tier 1 capital at the nation’s major banks, a...