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.
Brazil’s wildfires and drought, which have disrupted the global sugar market , are putting increased pressure on Thailand and India to fill the supply gap. However, both countries are facing their own challenges, raising concerns about further instability in the market. The recent spike in sugar futures , reaching the highest levels since February, reflects fears over crop damage in Brazil, the world’s top sugar producer and exporter. This disruption is pushing up costs for consumer goods, such as soft drinks and candy, while traders are now focused on the output prospects of Thailand and India, both major sugar producers. While Thailand, the world’s second-largest sugar exporter, is expected to see a rebound in sugar production in the 2024-25 season, September floods have highlighted the weather risks that could delay the harvest if heavy rains persist. In India, the second-largest sugar grower, government support for ethanol production means sugar export restrictions are like...