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The Bursa Malaysia or Malaysia Exchange, MYX previously known as
Kuala Lumpur Stock Exchange KLSE, Bursa Saham Kuala Lumpur in
Malay dates back to 1930 when the Singapore Stockbrokers'
Association was set up as a formal organisation dealing in securities in
Malaya. In 1937, it was re registered as the Malayan Stockbrokers
Association, but it still did not trade public shares.
The stock market malaysia operations continued as the Stock Exchange
of Malaysia and Singapore SEMS after Singapore seceded from
Malaysia in 1965. The exchange split into the Stock Exchange of
Singapore, and the Kuala Lumpur Stock Exchange Board in 1973,
following the separation of the Malayan and Singapore currencies.
In 1976, the Kuala Lumpur Stock Exchange was incorporated to take
over operations of the KLSEB. The KLSEB was renamed the Kuala
Lumpur Stock Exchange in 1994.
Malaysia's sometimes prickly relationship with Singapore entered a
difficult period in March 1997 because of comments in an affidavit filed
by Singapore Senior Minister Lee Kuan Yew. His description of Johor,
the Malaysian state across the causeway from Singapore, as being
notoriously crime-ridden sparked outrage. Lee apologized, and the row
died down, but the remarks rankled.
Since early 1997 the Malaysian economy has been caught up in the
regional financial crisis. The spread of the crisis to Malaysia was
reflected, initially, in sharp falls in Malaysian share prices and the external
value of the ringgit. Through the second half of 1997, fiscal and monetary
policy were tightened with the aim of restoring stability and confidence in
financial markets, as well as containing the impact on inflation of the
depreciation of the ringgit. Despite these measures, however, equity
prices and the exchange rate continued to weaken. By the end of 1997,
the ringgit had depreciated 35 percent from its year-earlier level, while
the Kuala Lumpur Stock Exchange composite index was down 52
percent.
