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Ringgit gets early lift from higher oil price

KUALA LUMPUR, April 19 — The ringgit was higher against the US dollar in early trading today on improving market sentiment towards the local note due to the higher global oil price. At 9.06am, the local unit was traded at 4.1380/1430 against the…


Bursa nudges up at opening

KUALA LUMPUR, April 19 — The FTSE Bursa Malaysia KLCI (FBM KLCI) is slightly higher at the early session today amid mild buying interest in the heavyweights led by Petronas Chemicals and Maybank. At 9.20am, the benchmark index inched up 0.66…


FBM KLCI higher at early session

KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) is slightly higher at the early session today amid mild buying interest in the heavyweights led by Petronas Chemicals and Maybank.

At 9.20am, the benchmark index inched up 0.66 of-a-point to 1,620.39, after opening 0.91 of-a-point to 1,620.64.

On the broader market, gainers outpaced decliners 176 to 82, while 212 counters remained unchanged, 1,438 untraded and 19 others suspended.

Turnover stood at 311.0 million shares worth RM179.04 million.

In a research note today, Maybank Investment Bank said bargain hunting would likely to continue today, particularly in recently beaten down stocks.

“Technically, we expect the FBM KLCI to continue to range between 1,610 and 1,640 today. Downside supports are at 1,615 and 1,600,” it added.

Of the heavyweights, Petronas Chemicals advanced six sen to RM8.99, Maybank gained three sen to RM9.03, CIMB added two sen to RM5.07 and PPB Group jumped 10 sen to RM18.90.

IHH Healthcare and Hong Leong Bank were flat at RM5.48 and RM19.94, respectively, while Public Bank eased six sen to RM22.52, TNB fell two sen to RM12.14 and Maxis went down one sen to RM5.40.

Of the actives, Iskandar Waterfront advanced 7.5 sen to 93.5 sen, Ekovest rose three sen to 62 sen, Sapura Energy and Vsolar Group were flat at 31.5 sen and 15 sen, respectively, while KNM shed one sen to15.5 sen and Seacera shed 1.5 sen to 32 sen.

The FBM Emas Index appreciated 8.72 points to 11,475.84, the FBMT 100 Index went up 7.08 points to 11,305.17 and the FBM Ace Index improved 7.22 points to 4,671.7.

The FBM Emas Syariah Index was 4.01 points higher at 11,685.88, and the FBM 70 expanded 19.24 points to 14,325.37.

Sector-wise, the Plantation Index gave up 2.41 points at 7,216.27, the Financial Services Index rose 25.22 points to 16,709.58, and the Industrial Products and Services Index added 0.33 of-a-point to 168.14.

The physical price of gold as at 9.30am stood at RM164.10 per gramme, down 42 sen from RM164.52 at 5pm yesterday. — Bernama


Higher oil price lifts ringgit in early session

KUALA LUMPUR: The ringgit was higher against the US dollar in early trading today on improving market sentiment towards the local note due to the higher global oil price.

At 9.06am, the local unit was traded at 4.1380/1430 against the greenback from 4.1400/1450 at yesterday’s close.

A dealer said buying demand for the ringgit increased as oil futures edged up, with Brent crude futures settled up 35 cents to US$71.97 (RM299) a barrel and US West Texas Intermediate (WTI) crude futures rose 24 cents to US$64.00 (RM266) a barrel.

“This is perceived to be good for the country’s oil and gas revenue.

“Furthermore, the ringgit was also higher due to bargain hunting activities, after it closed at a nearly three-month low against the US dollar on Wednesday following the possible downgrade of Malaysian bonds by the global index provider, FTSE Russell,” he said.

However, he said some investors were confident that the government would not let the potential downgrade by FTSE Russell and the Norwegian sovereign wealth fund’s pullout from Malaysia’s government bonds affect the country’s economic growth.

Meanwhile, the ringgit also traded higher against other major currencies.

It rose against the Singapore dollar to 3.0525/0567 from 3.0535/0584 at the close yesterday and was higher against the Japanese yen at 3.6963/7011 from 3.6991/6039.

The ringgit also appreciated against the British pound to 5.3761/3830 from 5.3853/3935 and improved against the euro at 4.6507/6567 from 4.6579/6640 previously. — Bernama


Weak sentiment weighs on the Ringgit

KUALA LUMPUR: The ringgit extended its downtrend to close lower against the US dollar today, dampened by weak market sentiment towards the local currency amid declining crude oil prices, dealers said.

At 6pm, the ringgit fell to 4.1400/1450 against the US dollar from 4.1330/1360 at Wednesday’s close.

A dealer said fund managers’ risk appetite remained low on worries over the potential exclusion of Malaysian debt from the FTSE World Government Bond Index with a potential rating downgrade.

“Concerns over potentially fresh outflow on Malaysian bonds clouded sentiment in the market, with many investors being reluctant to participate,” he told Bernama.

AmBank (M) Bhd group CEO Datuk Sulaiman Mohd Tahir today expressed confidence that the government would not let the potential downgrade by FTSE Russell and the Norwegian sovereign wealth fund’s pullout from Malaysia’s government bonds affect the country’s economic growth.

Speaking to reporters after the launch of AmBank and Credit Guarantee Corporation Malaysia Bhd’s SME Biz Start Up-i here, he said there would be a lot of engagement and discussions.

Meanwhile, the ringgit was traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0535/0584 from 3.0551/0583 on Wednesday, strengthened versus the British pound to 5.3853/3935 from 5.3890/3946, and advanced against the euro to 4.6579/6640 from 4.6736/6774.

The local currency, however, depreciated vis-a-vis the Japanese yen to 3.6991/6039 from 3.6892/6925 yesterday. — Bernama


RHB eyes one million mobile app users by year-end

KUALA LUMPUR, April 18 — RHB Banking Group is looking to increase its active mobile banking users to one million by year-end following the launch of its new RHB Mobile Banking Application. Group managing director Datuk Khairussaleh Ramli said…


AmBank confident govt will address market jitters

KUALA LUMPUR, April 18 ― AmBank (M) Bhd is confident the government will not let the potential downgrade by FTSE Russell and Norway's sovereign wealth fund pullout from Malaysia's government bonds affect the country's economic growth. Group chief…


Ringgit lower in early trade on FTSE Russell concerns

KUALA LUMPUR: The ringgit was lower against the US dollar in early trade today on weaker demand, prompted by concerns over the potential downgrade of Malaysian bonds by global index provider, FTSE Russell.

At 9.09am, the local unit was traded at 4.1400/1440 against the greenback from 4.1330/1360 at yesterday’s close.

A dealer said while buying sentiment towards the ringgit was hampered by the negative news, the impact however, would likely be temporary, considering that foreign fund outflow is starting to stablilise.

Meanwhile, the ringgit also traded lower against other major currencies.

It declined against the Singapore dollar to 3.0596/0637 from 3.0551/0583 and was weaker against the Japanese yen at 3.6968/7013 from 3.6892/6925.

The ringgit also fell against the British pound to 5.3977/4042 from 5.3890/3946 and was lower against the euro at 4.6770/6819 from 4.6736/6774. — Bernama


Ringgit under added pressure after doubt over Malaysia’s spot in bonds market

KUALA LUMPUR, April 18 — News that Malaysia might be disqualified from the World Government Bond Index (WGBI) weighed heavily on the ringgit in the global currency market yesterday. A report by Starbiz also predicted local selloff would intensify,…


Bursa Malaysia opens lower in early session

KUALA LUMPUR, April 18 ― Share prices continued their downward momentum on Bursa Malaysia this morning with trading remaining lacklustre.  At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.48 points easier at 1,615.42, after…