Tapping "Buy" feels instant. Underneath, 4 things happen in order:
This article walks through all 4 on one real stock, Maybank, assuming you already have a trading account open and funded.
No account yet? This picks up right after you open one. Choosing a broker? The brokerage fee calculator shows what each one charges for your trade size.
Quick summary
- Bid and ask are two different prices: a trade needs both sides to agree.
- Shares trade in lots of 100: Bursa's standard "board lot."
- An engine matches orders automatically: best price first, then first-come.
- Every matched trade moves the price: it's just the last agreed level.
- Trades settle 2 business days later (T+2): you own the shares immediately.
The two prices on every stock page
Maybank doesn't have one price: it has several. Two matter most for placing an order: the bid (highest price a buyer will pay) and the ask (lowest price a seller will accept).
No trade happens until both sides agree on one price: you accept the ask, someone accepts your bid, or a new order splits the difference.
Why shares trade in lots of 100
Shares trade in board lots of 100: like eggs sold by the carton, not one at a time.
Fewer than 100 is an odd lot, with less favourable prices. Almost every beginner just trades whole lots.
How your order actually gets matched
Your order goes into Bursa's order book, matched by 2 rules: best price first, then first come, first served at the same price.
Why the price moves up and down
A stock's "current price" is just the price of its most recent trade: nothing more mystical:
More buyers chasing the ask pushes the price up; more sellers accepting lower bids pushes it down. Nothing else sets the price.
What happens two days later (T+2)
The trade is done the instant it matches: you own the shares immediately. The paperwork (shares into your CDS account, money out of your trading account) takes 2 business days, called T+2 settlement.
Sell on Monday? Proceeds aren't withdrawable until Wednesday either, even though the trade itself was instant. Weekends and holidays push the date further out, since T+2 counts business days, not calendar days.
Three things worth remembering
- A trade needs two willing sides at one price.Bid and ask differ until a buyer and seller agree.
- You trade in lots of 100, not single shares.That's the board lot, Bursa's standard unit.
- Settlement takes 2 extra business days.You own the shares instantly; paperwork finishes on T+2.
Stocks in this article
Score out of 100:80+ Strong40-79 Okay0-39 Weak
This article's example
Large, liquid stocks beginners often start with
FAQ
The bid is the highest price a buyer is currently willing to pay. The ask is the lowest price a seller is currently willing to accept. A trade only happens when a buyer and seller agree on the same price.
Bursa's standard trading unit is a board lot of 100 shares. Buying or selling fewer than 100 shares (an "odd lot") is possible but goes through a separate, less liquid odd lot market: most beginners just trade in board lots.
Every completed trade sets a new "last price." When buyers are willing to pay more than the current ask to get filled, the price steps up. When sellers accept less than the current bid to get filled, it steps down. No trade, no price change.
T+2 means a trade fully settles 2 business days after the trade date. You own the shares the moment your order is matched, but the money and shares officially change hands in the CDS system 2 days later, which is also why sale proceeds aren't withdrawable the same day.
Score Your Stock scores all 1,127 Bursa-listed companies 0-100 on fundamentals, free. Once you understand how a trade actually works, the next question is which stock is worth buying: start by looking up Maybank's score.
This article is educational content, not investment advice. Always do your own research, or speak to a licensed financial adviser, before investing. See About for more on how this site works.