Monday, 12 Jul 2021 09:53 AM MYT
At 9am, the local note rose slightly by 45 basis points (bps) to open at 4.1850/1890 against the greenback from 4.1895/1940 at last Friday’s close. Reuters pic
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KUALA LUMPUR, July 12 The ringgit opened firmer against the US dollar, backed by rising crude oil prices amid the higher number of Covid-19 cases in Malaysia.
At 9am, the local note rose slightly by 45 basis points (bps) to open at 4.1850/1890 against the greenback from 4.1895/1940 at last Friday’s close.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the ringgit was expected to get some support from the strength in Brent crude oil price due to the drop in crude stockpiles, which reinforced views that oil demand was picking up with the start of the United States driving season.
Monday, 12 Jul 2021 10:37 AM MYT
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said foreign investors began last week on a sluggish note as they disposed of RM25.7 million net of local equities on Monday in the absence of any major catalyst while the implementation of the EMCO dragged overall investor sentiment. Bernama pic
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KUALA LUMPUR, July 12 Foreign investors sold RM324.0 million net of local equities last week compared to the disposal of RM499.3 million net in the preceding week, said Bank Islam Malaysia Bhd economist Adam Mohamed Rahim.
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Saturday, 10 Jul 2021 12:12 PM MYT
On a weekly basis, the ringgit weakened versus the US dollar to 4.1895/1940 from 4.1600/1650 a week earlier. Reuters pic
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KUALA LUMPUR, July 10 The ringgit is likely to move between 4.17 and 4.19 against the US dollar next week weighed by rising Covid-19 cases in the country and lack of positive catalysts.
Malaysia recorded the highest number of new daily Covid-19 cases yesterday, at 9,180, bringing the cumulative number of cases to 817,838.
The previous highest number of new daily cases recorded was 9,020 on May 29.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim, however, said the local currency was expected to get some support from the strength in Brent crude oil price due to the drop in crude stockpiles, which reinforced views that oil demand was picking up as the US summer driving season has begun.
Saturday, 10 Jul 2021 10:07 AM MYT
During the week just ended, the equity market was traded mostly lower as fears from high infection rates kept sentiments down, with the latest number of daily cases reaching a record high of 9,180 cases on July 9. Picture by Hari Anggara
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KUALA LUMPUR, July 10 The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to trade in a tight range between 1,510 and 1,530 as investors continue to remain cautious amid the Covid-19 pandemic, despite encouraging vaccination rates.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim sees no major catalysts in the immediate term for the market.