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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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US Banks Enter New Era of Consumer Financial Data Sharing

US banks will soon be required to provide customers with access to their financial data under a new Consumer Financial Protection Bureau (CFPB) rule aimed at increasing competition in the financial sector. This open banking rule will allow consumers to demand, download, and transfer their financial data to another lender or financial services provider for free, facilitating easier transitions to services with better rates.

The rule aims to lower the cost of loans and improve services by empowering consumers to switch providers, said CFPB Director Rohit Chopra. He noted that many Americans are currently stuck in products with poor rates and services, and this measure will give them the power to seek better financial options.

The regulation will cover data such as savings patterns, chequing accounts, rent payment history, and other financial information that has historically been hard to transfer. The move is expected to benefit fintechs like PayPal's Venmo and Betterment LLC, which are poised to thrive in an ecosystem where consumer financial data is more easily shared.

However, banks and credit unions have raised concerns about potential liability if third-party systems are compromised. Institutions with over US$850 million in assets must comply with the rule by April 2026, while smaller entities have until April 2030. The new regulation will cover chequing accounts, credit cards, and digital wallets, though it excludes mortgages, student loans, and auto loans.

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