oil price

 
 

Ringgit down at the close

KUALA LUMPUR, April 25 — The ringgit fell against the US dollar at Thursday’s close, nearing the bottom of the weekly range after the country’s Consumer Price Index (CPI) nudged into positive territory, as traders mildly pared back dovish bets…


Bursa Malaysia closes lower on mild profit-taking

KUALA LUMPUR, April 25 — Bursa Malaysia ended lower today on mild profit-taking led by Hartalega and in line with most regional peers, dealers said. At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 0.14 per cent or 2.33 points…


Occidental challenges Chevron with higher US57b bid for Anadarko

NEW YORK, April 25 — Occidental Petroleum launched a campaign yesterday to buy Anadarko Petroleum in a hostile takeover, challenging Chevron's proposed acquisition in a battle over key US shale assets. Shares of Anadarko surged, while Chevron and…


Asian shares dip, euro weighed by sagging German business morale

TOKYO, April 25 — Asian shares slipped today as a surprise deterioration in German business morale rekindled fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week. The euro slumped to a…


Wall Street edges lower, energy stocks fall

NEW YORK, April 25 — The S&P 500 slipped yesterday after ending the previous session with a record and the Nasdaq failed to hold all-time highs reached earlier in the day while investors waited for more earnings reports. Energy stocks were the…


Ringgit will stabilise after recent sell-off, says FXTM analyst

KUALA LUMPUR: The ringgit is expected to trade within the 4.10-4.15 range against the US dollar in the second quarter as the sell-off pressure eases, barring any major catalyst, according to FXTM market analyst Han Tan (pix).

The ringgit weakened 0.06% to 4.1305 against the greenback today from 4.1280 on Tuesday.

The recent selling pressure in the ringgit was triggered by news of the Norwegian sovereign wealth fund cutting its exposure in the emerging markets, including Malaysia. This was aggravated by the speculation that Malaysian bonds would be dropped from the FTSE World Government Bond Index.

Tan said the market is currently focused more on external factors, letting external risk to dictate the performance of currencies and paying less attention to internal economic data.

According to the International Monetary Fund’s Purchasing Power Parity metrics, the ringgit is undervalued by 65% to the greenback.

Tan expects the Malaysian currency to remain supported by the country’s resilient economic fundamentals, whereby the projected gross domestic product growth of 4.3-4.8% this year is better than many other economies.

“Malaysia’s export mix is very well diversified and with this very diversified nature, is not just limited to export, it has multiple legs to stand on.”

To illustrate the influence of external factors, Tan pointed out that Malaysia has been able to buck the Asean trend in regard to exports, delivering a growth while the neighbouring countries are experiencing a contraction in the fourth quarter of 2018 up till February 2019.

“In other words, the currency markets are primarily focused outwards and paying less attention to what is happening onshore,” he said.

While oil prices have reached the US$70 (RM289) per barrel mark this month, the increase has yet to be reflected in the ringgit’s performance.

However, Tan said as Malaysia’s budget is based on the assumption of crude oil at US$70 a barrel, stronger prices will contribute to the ringgit’s strength.

“Barring any major catalyst, I expect oil prices to head towards US$80 per barrel within the first half,” he added.


Ringgit will stabilise after recent sell-off, says FTXM analyst

KUALA LUMPUR: The ringgit is expected to trade within the 4.10-4.15 range against the US dollar in the second quarter as the sell-off pressure eases, barring any major catalyst, according to FXTM market analyst Han Tan (pix).

The ringgit weakened 0.06% to 4.1305 against the greenback today from 4.1280 on Tuesday.

The recent selling pressure in the ringgit was triggered by news of the Norwegian sovereign wealth fund cutting its exposure in the emerging markets, including Malaysia. This was aggravated by the speculation that Malaysian bonds would be dropped from the FTSE World Government Bond Index.

Tan said the market is currently focused more on external factors, letting external risk to dictate the performance of currencies and paying less attention to internal economic data.

According to the International Monetary Fund’s Purchasing Power Parity metrics, the ringgit is undervalued by 65% to the greenback.

Tan expects the Malaysian currency to remain supported by the country’s resilient economic fundamentals, whereby the projected gross domestic product growth of 4.3-4.8% this year is better than many other economies.

“Malaysia’s export mix is very well diversified and with this very diversified nature, is not just limited to export, it has multiple legs to stand on.”

To illustrate the influence of external factors, Tan pointed out that Malaysia has been able to buck the Asean trend in regard to exports, delivering a growth while the neighbouring countries are experiencing a contraction in the fourth quarter of 2018 up till February 2019.

“In other words, the currency markets are primarily focused outwards and paying less attention to what is happening onshore,” he said.

While oil prices have reached the US$70 (RM289) per barrel mark this month, the increase has yet to be reflected in the ringgit’s performance.

However, Tan said as Malaysia’s budget is based on the assumption of crude oil at US$70 a barrel, stronger prices will contribute to the ringgit’s strength.

“Barring any major catalyst, I expect oil prices to head towards US$80 per barrel within the first half,” he added.


European shares hit highest since August on Credit Suisse, SAP

LONDON, April 24 — World shares pared back losses today as positive earnings in Europe from Credit Suisse and investor support for SAP helped soothe worries that China has put broader stimulus on hold. European shares crept into positive…


Saudi says no immediate plan to boost oil output as Iran waivers end

RIYADH, April 24 — Saudi Arabia has no immediate plans to raise oil output after the United States ends sanctions waivers for buyers of Iranian crude, energy minister Khalid al-Falih said today. “(Global) inventories are continuing to rise…


Emerging-market currencies hit by strong dollar; stocks fall

NEW YORK, April 24 — Emerging-market currencies fell today against a dollar strengthened by US economic data. Stocks fell, with South Korean shares falling on worries that chip demand would weaken. Data yesterday showed sales of new single-family…