KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99. The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
My personal take on the Ringgit's weakness that have continued
And if you are not concern, then this chart should show you otherwise.
Malaysian Ringgit was the second worst currency performing in Asia, behind the Japanese yen, ever since Donald Trump's surprise victory in the presidential election in the United States.
Here are some of the things that have been said about the Ringgit.
1) The Ringgit has suffered more in general because of the higher percentage of foreign holding in the bond market.
2) Uncertainties over Trump's policy once he takes over has caused concern over emerging market and Ringgit.
3) Fundamentals have not change. The Ringgit is undervalued, but uncertainties are making it less attractive.
Honestly, it's difficult to tell if it's really just Trump that had caused the weakness in Ringgit. Remember that the oil price has slowly moved up to its current 40 to 50 USD per barrel from the 20 to 30ish range in February this year but the Malaysian Ringgit has not seen the same magnitude in movement.
So far, negative headlines have surrounded Ringgit and if you have traveled to countries like Indonesia, like myself, you'll feel depressed because the Indonesian Rupiah seems to be gaining more value than the Ringgit. (Sad but true)
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