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.
Key Takeaway Markets rallied on Thursday as investors embraced weak labor data as a signal that the Federal Reserve is locked in to cut rates this month. All eyes now shift to Friday’s official August jobs report, which could set the tone for U.S. markets in September. Market Recap S&P 500 closed at a record high, up 0.8% . Nasdaq Composite gained 1% . Dow Jones Industrial Average rose 350 points (+0.8%) . Best sector: Consumer Discretionary (+1.8%) . Worst sector: Utilities (-0.1%) . Jobs Data in Focus JOLTS report : For the first time since before the pandemic, job openings fell below the number of people seeking work. ADP report : Private sector added just 54,000 jobs in August , fueling concerns of labor market softness. Non-Farm Payrolls (Friday) : Economists expect 80,000 jobs added . Unemployment rate forecast: 4.3% (up from 4.2%). Why it matters: A weaker labor market increases the likelihood of Fed cuts...