KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Malaysia's ringgit climbed on Monday, reaching its highest level in over three years, boosted by additional Chinese stimulus measures that lifted sentiment for regional currencies. The ringgit rose as much as 0.6%, making it the best performer among emerging Asian currencies, trading at 4.099 per US dollar. China's stimulus has had a positive effect, as it remains a significant trading partner for the region.
The ringgit’s stellar quarterly performance, with an impressive 12.6% gain, makes it the top-performing currency in emerging Asia, driven by factors like foreign investor inflows, economic growth, and political stability. OCBC currency strategist Christopher Wong expressed optimism for the MYR outlook, citing strong economic fundamentals, a current account surplus, and foreign inflows.
Chinese stocks surged 6% following the stimulus announcements, which are expected to halt the economic downturn. China's central bank announced it would lower mortgage rates for existing home loans before the end of October, aiming to support the country's struggling property market.
Other Asian currencies, like the Thai baht, Taiwan dollar, and South Korean won, rose modestly, while the Singapore dollar and Philippine peso remained flat.
Investors will focus on upcoming inflation data from South Korea, Indonesia, and the Philippines, as well as a crucial US jobs report, which could influence the Federal Reserve's next move regarding rate cuts.
Meanwhile, Taipei stocks fell by 1.7%, with TSMC dropping 2.5%, and Japan's Nikkei slumped by 4.5% as investors awaited policy direction from incoming Prime Minister Shigeru Ishiba. Shares in Seoul, Manila, and Jakarta also saw declines between 1% and 1.2%.
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