KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
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