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Market Daily Report: Bursa Malaysia Ends Lower On Caution Over Rising Oil Prices, West Asia Tensions

KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 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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