KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
Just the other day, I got the opportunity to talk to two economists, one from UOB and another from AmInvest and they were pretty happy that the Ringgit has stabilized. Ringgit The article written was published on The Edge Financial Daily on April 18, 2016 (Monday) but then, today, reality sets in as the oil price plunged after the failure in negotiation between the Saudis and Iran. Here's the reality: Ringgit is still very much tied with the movement of the oil and as long as the supply and demand of the oil failed to reach its equilibrium, the Ringgit's volatility should persist. After some good run, the Ringgit fell the most in two weeks as Brent crude plunged after major oil producers failed to come up with an agreement to freeze output and address a supply glut. The disappointment stemming from the weekend meeting in Doha risks reversing a rally in emerging Asia’s best-performing currency this year as a renewed decline in the commodity puts pressure on the governme...