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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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BNM Plans Full Transition to Malaysia Overnight Rate (MYOR) Within Three Years

Bank Negara Malaysia (BNM) announced on Friday its plan to fully transition to the Malaysia Overnight Rate (MYOR) as the primary interbank rate used for pricing new financial contracts within the next three years. The MYOR will be published starting next year, with the existing Kuala Lumpur Interbank Offered Rate (KLIBOR) gradually phased out and its use in new products halted by 2027.


BNM urged market participants to begin adopting MYOR or its Islamic counterpart, MYOR-i, to avoid potential transition issues. The central bank emphasized that banks should engage with customers to promote the use of these new benchmarks.

The shift to MYOR follows the global transition away from LIBOR due to rate manipulation scandals and aims to establish more robust, transaction-based benchmarks. Despite the introduction of MYOR in 2021, KLIBOR remains prevalent, with legacy contracts worth RM929 billion still tied to the rate at the end of 2023.

BNM is now seeking feedback on the proposed permanent cessation of KLIBOR, which was introduced in 1987, and plans to submit feedback by Oct 27, 2024.

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