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KUALA LUMPUR (Nov 13): The FBM KLCI fell 8.57 points or 0.51% to close at 1,687.57 in tandem with certain Asian equity indices following US stocks' overnight tumble.
At 5pm today, the KLCI extended losses after the index closed down 11.95 points or 0.7% yesterday. Among Asian equity indices today, Japan’s Nikkei 225 fell 2.06% while South Korea’s Kospi decreased 0.44%.
In Malaysia today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com: “The KLCI joined the regional indices to close lower today and extended losses for three consecutive days, mainly due to the spillover effect from the weakness in the US stock market."
“(On the) Domestic front, the KLCI was also hit by the weakening ringgit against the US dollar, coupled with lower crude oil and crude palm oil prices,” Leong said.
Bloomberg reported that the ringgit fell to the weakest in a year
after the dollar rallied and crude prices failed to find a floor. It was
reported that the ringgit depreciated to 4.1965 against the US dollar
today.
At 4.1965, the ringgit was traded at its weakest level against the US dollar since Nov 13, 2017, Bloomberg reported.
Crude oil prices fell. Reuters reported that oil prices fell by around 1 percent on Tuesday, with Brent crude slipping below US$70 per barrel and US West Texas Intermediate (WTI) below US$60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. The fall also came as the US-dollar hovered near 16-month highs on Tuesday, making oil imports more expensive for any country using other currencies at home.
It was reported that WTI crude oil futures were at US$59.22 per barrel at 0740 GMT, down 70 cents, or 1.2 percent from their last settlement while international benchmark Brent crude oil futures were at US$69.41 per barrel, down 71 cents, or 1 percent, from their last close.
Source: The Edge
At 4.1965, the ringgit was traded at its weakest level against the US dollar since Nov 13, 2017, Bloomberg reported.
Crude oil prices fell. Reuters reported that oil prices fell by around 1 percent on Tuesday, with Brent crude slipping below US$70 per barrel and US West Texas Intermediate (WTI) below US$60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. The fall also came as the US-dollar hovered near 16-month highs on Tuesday, making oil imports more expensive for any country using other currencies at home.
It was reported that WTI crude oil futures were at US$59.22 per barrel at 0740 GMT, down 70 cents, or 1.2 percent from their last settlement while international benchmark Brent crude oil futures were at US$69.41 per barrel, down 71 cents, or 1 percent, from their last close.
Source: The Edge
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