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 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 p...