The market continued to decline last week and the index broke the crucial support level at 1,705 points. Weak ringgit and falling commodities prices were primary concerns. Furthermore, Bursa Malaysia was not the only market that went south, most global markets suffered the same fate, especially China. The FBM KLCI fell 3.8 per […]
The Malaysian palm oil futures recorded losses despite rebounded on Friday, hitting a two-year low, due to concerns about a trade war between China and US as well as weaker exports demand and related oil. The benchmark crude palm oil futures (FCPO) contract fell 2.31 per cent to RM2,282 on Thursday, which is RM54 lower […]
KUALA LUMPUR: The ringgit rebounded to close slightly higher against the US dollar today, as the greenback retreated from an 11-month high on profit-taking after a recent rally, dealers said.
At 6pm, the ringgit was quoted at 4.0010/0040 against the greenback compared with Thursday's close of 4.0140/0170.
A dealer said the local currency was marginally higher by about 0.31%, in tandem with the slight weakening of the dollar index by 0.26%.
“The movement of the local currency was also in tandem with a slight improvement on Bursa Malaysia which closed higher, bucking the regional trend on positive local news,” he said.
Prime Minister Tun Dr Mahathir Mohamad's comment that he sees the fair value of the ringgit at RM3.80 against the US dollar helped lift the local currency, he said.
On another note, he added the announcement of Datuk Nor Shamsiah Mohd Yunus as the new Governor of Bank Negara Malaysia (BNM) today, for a term of five years effective from July 1, 2018, was also seen as a positive as she is a very capable figure with in-depth knowledge and experience in BNM.
The local unit was traded mostly lower against a basket of currencies, except the Japanese yen.
It fell against the Singapore dollar to 2.9484/9511 from Thursday's close of 2.9461/9493 and decreased against the British pound to 5.3189/3245 versus 5.2620/2675.
The ringgit fell against the euro to 4.6644/6683 from 4.6233/6276 on Thursday, but improved vis-a-vis the Japanese yen to 3.6323/6360 from 3.6355/6386 yesterday. — Bernama
NEW YORK, June 22 — Stocks around the world fell yesterday and the US dollar slipped from a peak as investors flocked to bonds on worries about a US-China trade war. A weaker-than-expected US economic indicator also hit confidence. Oil futures…
PETALING JAYA: The local stock market's benchmark index slipped below the 1,700-point phychological level today as investors were spooked by continued uncertainy in the trade spat between the US and China.
The FBM KLCI sank as much as 27.86 points or 1.63% to 1,681.89 points, its lowest level since January 2017. At the close of trading, it was down by 17.43 points or 1.02% to 1,692.32 points. A total of 2.13 billion shares were traded valued at RM2.68 billion. Market breadth was negative with losers outpacing gainers by 748 to 199.
The broader market was mainly dragged down by banking and telco stocks. Among the top losers were Hong Leong Bank, Telekom Malaysia, Hong Leong Financial Group and Public Bank, which fell 56 sen, 49 sen, 42 sen and 16 sen to RM17.90, RM3.14, RM17.90 and RM22.62, respectively.
Elsewhere in the region, the China and Hong Kong markets continued to see heavy selling pressure. Hong Kong's Hang Seng Index fell 1.35% and the Shanghai composite index lost 1.37%.
In currencies, the ringgit was also weaker today, depreciating as much as 0.3% to 4.0162 against the US dollar. As at 5pm, it was trading at 4.0150.
Maybank Kim Eng, the investment arm of Maybank Group, said at its Invest Asia UK conference yesterday that Asia's underlying fundamentals remain solid with resilient growth prospects despite headwinds from US-China trade friction and rising US interest rates.
Its CEO Datuk John Chong said investors should look beyond the short-term noise and focus on the region's long-term growth prospects. “While there have been substantial capital outflows as a result of the stronger US dollar, higher interest rates and US-China trade friction, Asia is now better positioned to weather the volatility.”
Chong noted that countries in the region have largely strengthened their current account balances, increased their foreign reserves and kept inflation in check over the past five years.
“Stronger private and infrastructure investments as well as a rising middle class are significant growth thrusts going forward. We believe investors will see real value emerging in Asian corporates after the recent market tantrums and should capitalise on the opportunity.”
For Malaysia, Chong said the government's commitment to adopt fiscal reforms and narrow the fiscal deficit bodes well for the country's economy.
Following the recent market correction, he said the FBM KLCI is now priced attractively at 15.4 times on 12 months forward earnings as of June 19.”This puts it at the lower end of its trading range of 15.4x to 17.3x over the past three years.”
KUALA LUMPUR, June 21 — Bursa Malaysia extended its downtrend today but closed off its intra-day low, primarily hit by continued foreign selling from the emerging markets. Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said the…
KUALA LUMPUR (June 21): Asia’s underlying fundamentals remain solid with resilient growth prospects despite headwinds from US-China trade friction and rising US interest rates, according to Maybank Kim Eng. The United States and China are expected to continue driving global growth and investment, which will benefit emerging Asia, the investment banking arm of Maybank Group said at its Invest Asia UK conference in London today, noting rising demand from the world’s two largest economies had supported Asia’s export recovery last year. Asia’s private investment is experiencing a revival this yearRead More
SINGAPORE, June 21 — All emerging Asian currencies weakened against a firming US dollar today, as comments by the US Federal Reserve chairman on the pace of rate hikes and a pick-up in US yields fuelled the greenback. Treasury yields rose…
SINGAPORE, June 21 — Philippine shares slumped 2 per cent on today and moved further into bear territory on persistent foreign investor selling, largely sparked by a weak peso which hit a 12-year low earlier this week. The Philippine Stock…
SYDNEY, June 21 — Asian shares were subdued today as a lull in the Sino-US trade tussle helped calm nerves enough for the Nasdaq to reach a record high, while tensions in the oil market grew ahead of an Opec meeting that may expand crude supply….