KUALA LUMPUR, July 9 (Bernama) -- Bursa Malaysia closed lower on Thursday as renewed geopolitical tensions in West Asia weighed on investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.97 points, or 0.36 per cent, to 1,677.64 from Wednesday's close of 1,683.61. The benchmark index opened 2.62 points lower at 1,680.99, and moved between 1,676.18 and 1,683.80 throughout the session. However, market breadth was slightly positive, with gainers leading losers 533 to 504, while 547 counters were unchanged, 1,112 untraded, and 12 suspended. Turnover slipped to 2.64 billion units valued at RM2.19 billion from 2.96 billion units valued at RM2.18 billion on Wednesday.
Well, the oil price drop definitely hurt Russia.
Then, we have the sanctions.
We also have the sharp drop in the Russia's Rubble currency.
What's next?
HIGHER PRICES FOR EVERYTHING!
The Russians definitely are feeling the pinch now, as they are facing higher prices for everything.
It's more expensive to buy eggs, dairy products, poultry and vegetables now. Apple halted the online store there, just three weeks after an increase in the price of an iPhone 6 for about 25% to 39,990 rubles...even then, the value of that iPhone sales when converted to dollar already has plummeted to about $585 from $847.
The same thing goes to McDonald's. The company increase the price of Big Mac by 2.2% to about 94 rubles....only to see the value drop from $1.77 to $1.35 in the intervening days.
Renault-brand cars have been increased by 8% in Russia.
Now, most Russians believe they have to snap up consumer goods before prices continue to go up.
The ruble yesterday sank beyond 80 per dollar, a record low, before rebounding after Economy Minister Alexei Ulyukayev denied the government would turn to impose restrictions to stop Russians from converting money into dollars.
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