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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Ringgit's weakness persists

My personal take on the Ringgit's weakness that have continued

The Malaysian Ringgit's weakness persists, and have reached close to level not seen since the Asian Financial crisis in 1997. 


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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