KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia ended lower today, with the benchmark index declining 0.5 per cent, weighed down by selected heavyweights led by Press Metal, IHH Healthcare, and Tenaga Nasional. Press Metal shed 16 sen to RM4.87, IHH Healthcare dipped 14 sen to RM6.75, and TNB slipped 18 sen to RM13.58. These stocks resulted in a 6.12-point decline in the benchmark index. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.61 points to 1,518.91 versus Wednesday’s close of 1,526.52. The benchmark index opened 9.22 points lower at 1,517.30 and fluctuated between 1,512.32 and 1,524.41 throughout the day. In the broader market, losers thumped gainers 548 to 357, while 448 counters were unchanged, 994 untraded and eight suspended. Turnover rose to 2.51 billion units valued at RM1.81 billion against Wednesday’s 2.37 billion units valued at RM2.03 billion. ...
The Ringgit weakened against the USD and this trend seems to continue and show no sign of slowing down.
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| 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.
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| 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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