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Market Daily Report: Bursa Malaysia Ends Lower On Caution Over Rising Oil Prices, West Asia Tensions

KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
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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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