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.
Late last month, Hong Kong launched a second round of trials for e-HKD , its digital version of the local banknote. Dubbed e-HKD+ , this pilot program signals that central bank digital currencies (CBDCs) aren’t the only objective. Tokenizing bank deposits is also a critical avenue being explored, a direction mirrored by Singapore through its Project Orchid initiative. Both Hong Kong and Singapore are leading the charge toward a new form of digital money that is programmable and capable of rewarding environment-friendly spending or channeling government grants to targeted beneficiaries. This shift hints at a global trend where money serves a social purpose beyond just facilitating commerce. CBDCs work like paperless ATMs, but they could cause disruptions. If wildly adopted, banks might see a decrease in deposits, limiting their ability to lend. To prevent this, caps on withdrawals could be imposed. However, the success of CBDCs remains uncertain, with examples like Chin...