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SC: Malaysia's capital markets to operate as usual tomorrow

KUALA LUMPUR (March 17): Malaysia's capital markets including Bursa Malaysia will operate as usual during the 14-day movement control order starting tomorrow till March 31, says the Securities Commission Malaysia (SC).

“All exchanges will continue to operate in a fair and orderly manner, with all necessary regulatory oversight in place. The SC has, already in place, business continuity measures including backup sites, recovery facilities and alternative communications channels to identify, manage and mitigate potential and emerging risks,” said its chairman Datuk Syed Zaid Albar in a statement today.

"This will allow investors to make informed and timely decisions and execute the same, without impediment," he added.

In a separate statement, Bursa Malaysia Bhd said it has in place the necessary infrastructure, rules and processes to safeguard and maintain a fair and orderly marketplace.

"The continuous operation of markets is critical to support the principles of an efficient market mechanism with minimal or no intervention.

"To ensure consistency of market practice, the tick rule will now be extended to intraday short-selling (IDSS) and permitted short-selling activities of the investment accounts (IVTs) and market makers. The tick rule will also apply for the short selling activities of the proprietary day traders (PDTs)," it added.

A tick rule requires orders to be executed at the best current asking price or higher instead of just at a price higher than the last done price of the approved securities.

This follows the special announcement by Prime Minister Tan Sri Muhyiddin Yassin last night on the movement control order to curb the spread of coronavirus (COVID-19).

"The SC and Bursa Malaysia have been proactively monitoring the national and global development of COVID-19 to assess its impact and will continue to evaluate and calibrate the scale of their responses in order to maintain market integrity," said the SC.

"The SC will closely monitor all market related activities, and the exchanges and capital market intermediaries to ensure they continue to facilitate transparent, efficient and effective capital market activities, including clearing, settlement and depository operations."

According to reports, the Philippine Stock Exchange suspended trade indefinitely from today, citing the safety of traders and staff in the face of the COVID-19 pandemic. The move is part of a broader quarantine ordered by Philippines President Rodrigo Duterte to curb the outbreak.

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