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Market Daily Report: Bursa Malaysia Rebounds To Reclaim 1,700 Level At Close

KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17.  The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session.  Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
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BNM International Reserves shrunk below US$100 billion

The Ringgit weakened against the USD and this trend seems to continue and show no sign of slowing down.

USD against MYR currency
A quick search on google will show you this and it's scary because the spike doesn't seem to slow down and there's no sign of it any time soon. 

And to make matters worse, the BNM International Reserve as of July 2015 has shrunk below US$100 billion. 

BNM International Reserves shrunk below US$100 billion
To put into perspective, this is the first time that the reserve has fall below this level since August 2010. 

The central bank gave a statement today and said the reserves' position is sufficient to finance 7.6 months of retained imports and is 1.1 times the short-term external debt. 

The concern on the Ringgit currency is real as it has depreciated for 8 consecutive days. 

The local currency slipped further today to 3.9265 against the US dollar — the lowest level in 17 years — compared with Thursday's closing of 3.9125.


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