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Market Daily Report: Bursa Malaysia's Key Index Ends 043 Pct Lower On Profit-taking

KUALA LUMPUR, Jan 8 (Bernama) -- Bursa Malaysia’s benchmark index closed lower on Thursday amid profit-taking in big-cap stocks, as investors shifted their focus to smaller-cap counters against the backdrop of weaker regional market performance. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.26 points or 0.43 per cent to 1,669.57 from Wednesday’s close of 1,676.83.  The FBM KLCI opened 2.61 points lower at 1,674.22 and moved between 1,666.34 and 1,674.44 throughout the day.   On the broader market, gainers led losers by 579 to 489, while 565 counters were unchanged, 1,016 untraded, and 12 suspended. Turnover was slightly higher at 2.79 billion units worth RM2.84 billion from Wednesday’s 2.73 billion units worth RM2.76 billion.  
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Weakened Ringgit

A lot of us Malaysians are probably upset with the depreciation of the Ringgit. 

Weakened Ringgit



The Ringgit has weakened to multi-year low and breached the previous low of RM3.73 to the USD and according to a lot of research, it is inching towards the pegged level of RM3.80/USD.

This morning, while I was driving to work, I heard from BFM on their discussion. Apparently, our foreign reserve exchange is stand at an estimate of around 100 billion USD. 

If you're like me, you'll probably feel the pinch as I'm earning in RM. To talk about travelling would be a pain in the ass now because I'll have to fork out more most of the time. I suspect gadgets like Apple products might see another increase if the drop in the currency continues. Even then, Zeti insist that the RM is still strong and it's only at this level due to negative sentiments. I'm not sure if I'm buying it but as Ringgit continues to weaken, perhaps it's time to look at who's the biggest winners and losers in it.

BIGGEST WINNERS

Reading from The Star Online, Hong Leong Investment Bank (HLIB) Research expects the gaming sector, rubber products and technology stocks to be the main beneficiaries of the weaker ringgit. 

Gaming - revenue from US operations

Rubber Products - most sales in USD while cost in Ringgit 

Sea Transportation - almost all revenue in USD while there is a small portion of costs in Ringgit

Tech – majority sales in USD, partly offset by raw material cost in USD, outweigh US loan.


BIGGEST LOSERS

Automotive - higher cost of imported materials & CKD costs 

Air Transportation - higher fuel cost

Power - higher coal cost & USD debt

Telco - US$ debt


Well, whether we like it or not, the weakened Ringgit is here, and maybe it's time to think of how you can put your weakened Ringgit to help you add value. Perhaps some investment in stocks? Or maybe property? Well, if nothing else, I might as well spend it, at least my consumption power is stronger at present. What say you?

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