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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Nasdaq Seeks SEC Approval for Bitcoin Index Options

Nasdaq has officially requested approval from the U.S. Securities and Exchange Commission (SEC) to introduce and trade options on a bitcoin index, marking a significant step toward expanding the financial products available for cryptocurrency investment. This move follows the introduction of exchange-traded funds (ETFs) tied to spot bitcoin prices earlier this year, although the SEC has yet to approve options on these individual ETFs, including Nasdaq’s application to trade options on BlackRock’s iShares Bitcoin Trust ETF.

Key Points:

  1. Expanding Bitcoin Derivatives: The proposed Nasdaq Bitcoin Index Options would be listed derivatives that track the CME CF Bitcoin Real-Time Index, offering institutional investors and traders a new method to hedge or amplify their exposure to bitcoin. This development could significantly enhance liquidity in the bitcoin market by providing a broader range of financial instruments.

  2. Importance of Options in Market Normalization: Matt Hougan, Chief Investment Officer of Bitwise, emphasized the importance of bitcoin options for fully normalizing this asset class. Options allow traders to leverage their purchasing power at a lower cost, while institutional investors often use them to manage risk. The availability of these options is seen as a crucial component of a mature and liquid bitcoin market.

  3. Regulatory Hurdles and Market Adaptation: While Nasdaq awaits the SEC's decision, traders have been using other financial products, such as leveraged ETFs tied to bitcoin, to gain exposure. Exchanges initially filed for options on spot bitcoin ETFs immediately after the SEC approved the underlying ETFs in January but have since had to withdraw and refile applications due to SEC feedback.

In summary, Nasdaq's push for bitcoin index options represents a significant advancement in the cryptocurrency market's development, potentially offering new tools for investors and increasing market liquidity, pending regulatory approval from the SEC.

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