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Market Daily Report: FBM KLCI Slips 0.5 Pct, Weighed By Selling In Selected Heavyweights

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.   ...
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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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