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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

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.
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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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