rate hikes


Ringgit likely to trend lower against US dollar next week

KUALA LUMPUR, Oct 20 — The ringgit is likely to trend lower against the US dollar next week, mainly weighed by prospects of higher US interest rates. FXTM Research Analyst Lukman Otunuga said with the US dollar heavily supported by the interest…

Further US rate hikes ‘most likely’ needed, Fed minutes show

WASHINGTON: US central bankers see no reason to pause the current course of gradual rate hikes that have infuriated President Donald Trump and some even say the Federal Reserve may soon need to slow the economy, according to meeting minutes. But, amid brisk American expansion, some Fed policymakers also warned of looming dangers to the world […]

Futures slip after Fed minutes signal more rate hikes

NEW YORK, Oct 18 — US stock futures fell on Thursday after the Federal Reserve’s minutes showed policy makers broadly agreed on the need to raise interest rates further, fanning concerns that triggered a brutal selloff last week. The Fed’s…

Ringgit snaps two-day gaining streak to end lower against US dollar

KUALA LUMPUR, Oct 18 — The ringgit snapped its two-day gaining streak to end lower against the US dollar today as the greenback soared after the US Federal Reserve’s (Fed) latest meeting hinted at more rate hikes ahead. At 6pm, the local unit…

Ringgit snaps 2-day gaining streak to end lower vs US dollar

KUALA LUMPUR: The ringgit snapped its two-day gaining streak to end lower against the US dollar today as the greenback soared after the US Federal Reserve's (Fed) latest meeting hinted at more rate hikes ahead.

At 6pm, the local unit slid to 4.1550/1580 against the US dollar from 4.1490/1530 on Wednesday.

Citing news report, a dealer said minutes of the Fed's September 25-26 meeting revealed that every Fed policymaker backed raising interest rates, and generally agreed on the need to raise borrowing costs further.

“It was reported that the hawkish Fed minutes had lifted the US dollar to a one-week high early Thursday,” he said.

Meanwhile, the dealer said the falling crude oil prices due to the US crude inventories surge also weighed on the ringgit performance, as weak crude oil prices are negative for Malaysia's oil and gas revenue.

At the close, the ringgit was traded mostly higher against other major currencies, except versus the British pound.

The local unit advanced against the Japanese yen to 3.6920/6953 from 3.6965/7011 on Wednesday, rose against the Singapore dollar to 3.0163/0196 from 3.0177/0212 yesterday, while against the euro, it appreciated to 4.7891/7929 from 4.7987/8046 previously.

Vis-a-vis the British pound, the ringgit retreated to 5.4530/4586 from 5.4522/4591 on Wednesday. — Bernama

KL shares end lower on bearish sentiment

KUALA LUMPUR: Bursa Malaysia closed lower today on bearish sentiment amid the weaker regional markets.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 2.58 points to 1,738.01 against Wednesday's close of 1,740.59.

The index opened 2.19 points lower at 1,738.40 and moved between 1,735.07 and 1,740.83 throughout the day.

A dealer said Asian stocks were broadly lower as the US Federal Reserve's report hinted at more rate hikes ahead.

Japan's Nikkei 225 edged down 0.80% to 22,658.16, China's Shanghai Composite Index decreased 2.94% to 2,486.42 and Hong Kong's Hang Seng eased 0.03% to 25,454.55.

Among Bursa Malaysia's heavyweights, Maybank added one sen to RM9.60 and Public Bank gained four sen to RM25.02.

TNB declined two sen to RM14.58 and Petronas Chemicals eased one sen to RM9.34 while CIMB was flat at RM6.03.

As for actives, Borneo Oil and Sapura Energy slipped half-a-sen each to five sen and 34.5 sen respectively, MRCB declined two sen to 77.5 sen and Tiger Synergy lost one sen to 5.5 sen.

Lion Industries added 2.5 sen to 80 sen.

Market breadth was negative with losers leading gainers 472 to 338, with 371 counters unchanged, 728 untraded and 51 others suspended.

Volume was lower at 2.0 billion units valued at RM2.02 billion from Wednesday's 2.02 billion units valued at RM2.08 billion.

The FBM Emas Index fell 17.44 points to 12,031.24, the FBM Emas Syariah Index slid 30.79 points to 12,040.09 and the FBMT 100 Index decreased 16.59 points to 11,854.99.

The FBM Ace Index jumped 40.11 points to 5,096.97 but the FBM 70 erased 15.63 points to 13,896.77.

Sector-wise, the Plantation Index was 39.11 points lower at 7,386.89 while the Industrial Products and Services Index added 0.24 of-a-point to 173.16 and the Financial Services Index increased 7.31 points to 17,582.97.

Main Market volume shrank to 1.44 billion shares worth RM1.9 billion from Wednesday's 1.62 billion shares worth RM1.98 billion.

Warrants turnover rose to 342.56 million units valued at RM73.69 million from yesterday's 205.37 million units valued at RM27.64 million.

Volume on the ACE Market decreased to 201.01 million shares worth RM51.59 million from 294 million shares worth RM63.67 million previously.

Consumer products and services accounted for 158.31 million shares traded on the Main Market, industrial products and services (380.31 million), construction (116.69 million), technology (135.88 million), SPAC (1.68 million), financial services (44.27 million), property (230.71 million), plantations (30.35 million), REITs (2.51 million), closed/fund (3,500), energy (245.26 million), healthcare (19.37 million), telecommunication and media (29.23 million), transportation and logistics (11.32 million) and utilities (42.48 million).

The physical price of gold as at 5pm stood at RM158.09 per gramme, down 28 sen from RM158.37 at 5pm yesterday. — Bernama

Hong Kong Bourse Tipped To Open Higher

toan cau

Ahead of Wednesday’s holiday for the Chung Yeung Festival, the Hong Kong stock market had bounced higher again – one session after halting the three-day winning streak in which it had advanced more than 620 points or 2.4 percent. The Hang Seng Index now rests just above the 25,460-point plateau and it may add to its winnings Thursday as it catches up on missed positive sentiment. The global forecast for the Asian markets suggests mild consolidation thanks to a sharp drop in crude oil prices. The European and U.S. marketsRead More

Australian Market Declines


The Australian stock market is declining on Thursday following the modest losses overnight on Wall Street in a choppy session after minutes of the Federal Reserve’s latest monetary policy meeting indicated at more interest rate hikes moving forward. Gains by miners were more than offset by weakness in banks and oil stocks. In late-morning trades, the benchmark S&P/ASX 200 Index is declining 15.70 points or 0.26 percent to 5,923.40, off a low of 5,914.90. The broader All Ordinaries Index is down 17.10 points or 0.28 percent to 6,030.00. Australian stocksRead More

Wall St falls as investors eye a united hawkish Fed

NEW YORK Oct 18 — Wall Street's major indexes edged lower after a choppy session yesterday after the Federal Reserve showed broad agreement on the need to raise borrowing costs further, cementing investor concerns that had helped cause a major…

Despite Trump criticism, Fed sees need for more rate hikes

WASHINGTON, Oct 18 — Federal Reserve policymakers are largely united on the need to raise borrowing costs further, minutes from their most recent policy meeting show, despite US President Donald Trump's view that interest rate hikes have already…