KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves fell
RM8.3bil to RM356.4bil (US$94.5bil) over the past two weeks until Aug
14.
BNM said on Thursday the international reserves as at Aug 14 was sufficient to finance 7.5 months of retained imports and it was 1.0 time the short-term external debt.
The reserves had declined by RM8.3bil from the RM364.7bil (US$96.7bil) as at July 31, 2015.
The reserves position then was sufficient to finance 7.6 months of retained imports and was 1.1 times the short-term external debt.
The above news was taken from Bank Negara reserves decline to RM356B from The Star. The bad news is the reserves are still dropping, but at slower rate; although the Malaysian Ringgit continue to dive until 4.19 against the US Dollar before gaining back and close at 4.17 for the weekends.
The slower rate of the reserves drop would most likely because there is no longer intervention by the Bank Negara against the Malaysian Ringgit devaluation towards the week. The sentiment and confidence towards the Malaysian Ringgit remain weak although I believe that the assets and equities sell off by foreign investor begin to slow down as well. So, maybe time for the Malaysian Ringgit to consolidate?
BNM said on Thursday the international reserves as at Aug 14 was sufficient to finance 7.5 months of retained imports and it was 1.0 time the short-term external debt.
The reserves had declined by RM8.3bil from the RM364.7bil (US$96.7bil) as at July 31, 2015.
The reserves position then was sufficient to finance 7.6 months of retained imports and was 1.1 times the short-term external debt.
The above news was taken from Bank Negara reserves decline to RM356B from The Star. The bad news is the reserves are still dropping, but at slower rate; although the Malaysian Ringgit continue to dive until 4.19 against the US Dollar before gaining back and close at 4.17 for the weekends.
The slower rate of the reserves drop would most likely because there is no longer intervention by the Bank Negara against the Malaysian Ringgit devaluation towards the week. The sentiment and confidence towards the Malaysian Ringgit remain weak although I believe that the assets and equities sell off by foreign investor begin to slow down as well. So, maybe time for the Malaysian Ringgit to consolidate?
See you at RM4.50.
ReplyDeleteIt's coming soon...it seems. Now already 4.30. We just need a little more bad news and RM might plunge further.
ReplyDeletegreat info... thanks for posting
ReplyDelete