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Market Daily Report: Bursa Malaysia Ends Higher As Easing US Treasury Yields Boost Risk Appetite

KUALA LUMPUR, Aug 20 (Bernama) -- Bursa Malaysia ended higher on Thursday as easing US Treasury yields improved risk appetite following the US Treasury’s announcement of increased buyback operations, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.39 points, or 0.31 per cent, to 1,736.71 compared with Wednesday’s close of 1,731.32. The benchmark index opened 0.79 of a point higher at 1,732.11, and fluctuated between 1,732.11 and 1,739.13 throughout the day. On the broader market, losers outpaced gainers 610 to 577, while 610 counters were unchanged, 1,075 untraded and 16 suspended. Turnover increased to 4.28 billion units valued at RM4.01 billion from 3.31 billion units valued at RM2.92 billion on Wednesday.   IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said lower yields helped ease pressure on growth stocks, with technology counters benefitting from renewed investor interest.
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AmBank expects USD/MYR to trade a tighter range of 3.968 to 4.078

A forex report by AmBank said that it expects the USD/MYR to trade a tighter range of 3.968 to 4.078 on shorter trading days due to Hari Raya holidays, gridlock formation in oil prices and depreciation pressure on CNY.

Ringgit
Last week, USD/MYR broke key supports of 50- and 100-day MA to close below 4.00 level.

It was impressive follow a rather downtrend after the Brexit but the pair has rebounded strongly after that. The currency pair was the second best performing currency with a 2.30% gain against US dollar due to declining 1-month volatility, reduced expectation of higher US
rates and declining cross SGD/MYR below psychological level of 3.00. 

This week, we envisage the pair to trade in a tighter range of 3.968 to 4.078 on shorter
trading days due to Hari Raya holidays, gridlock formation in oil prices and depreciation pressure on CNY.

Chart wise, RSI continued to head south, and along with widening MACD gap, it suggests that the currency pair is likely to be range bound trading. Uptick in 50- day MA crossing above 100-day MA at 4.0456 points to a possibility that the USD/MYR to trade on strengthening bias.

(Source: AmBank FX Weekly report)


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