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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Grab Malaysia Distances Itself from AIC's Open Letter to PM

 

Grab Malaysia has clarified that it was neither informed nor consulted about the recent open letter addressed to Prime Minister Datuk Seri Anwar Ibrahim by the Asia Internet Coalition (AIC), which expressed concerns over a proposed regulatory framework for social media and instant messaging platforms in Malaysia.

In a statement issued on Monday, Grab emphasized that the proposed regulations do not affect its operations, stating, "Therefore we had no part in it. We did not and are not commenting on the matter." This response came after a Reuters report mentioned Grab as a member of the AIC, linking it to the coalition’s stance.

Grab further distanced itself from AIC's position, reaffirming its commitment to working with the Malaysian government and contributing to the country’s development.

The open letter from AIC, dated Friday, criticized the proposed licensing regime by the Malaysian Communications and Multimedia Commission (MCMC), which requires social media platforms with more than eight million users in Malaysia to apply for a licence starting this month. The coalition argued that the licensing requirements are "unworkable" and could stifle innovation, as they place undue burdens on businesses without proper public consultation.

Legal action could be taken against non-compliant platforms after January 1, 2025, according to the MCMC’s directive.

Grab Malaysia, however, reiterated that the regulations in question do not impact its operations and reaffirmed its focus on supporting Malaysia’s development goals in collaboration with the government.

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