KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Bank Negara Malaysia (BNM) announced on Thursday that it will phase out the Kuala Lumpur Interbank Offered Rate (KLIBOR) and transition to the Malaysia Overnight Rate (MYOR) and Malaysia Islamic Overnight Rate (MYOR-i) as the country’s new benchmark reference rates. According to BNM, the KLIBOR will be discontinued effective Jan 1, 2029 , marking a complete shift toward transaction-based benchmarks aligned with global best practices. The MYOR (introduced in 2021) and MYOR-i (introduced in 2022) are based on actual overnight interbank transactions , offering higher transparency and reflecting real market conditions. Transition Timeline By Oct 1, 2026: Financial institutions must be ready to offer MYOR- and MYOR-i-based products as standard. By July 1, 2027: MYOR-i to become the reference rate for all new Islamic products. By June 30, 2028: All legacy KLIBOR contracts to be converted to M...