Malaysia: Shares end lower

Malaysian shares closed lower on Monday, with the Kuala Lumpur Composite Index losing 14.81 points to 1,629.09.

Some 1.83 billion lots, valued at RM1.57 billion, were traded. Losers outnumbered gainers 521 to 352.

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Malaysia: Shares end lower

Malaysian shares closed lower on Friday, with the Kuala Lumpur Composite Index losing 8.51 points to 1,640.14.

Some 1.61 billion lots, valued at RM1.88 billion, were traded. Losers outnumbered gainers 477 to 306.

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Ringgit ends firmer versus greenback

KUALA LUMPUR: The ringgit ended on a firmer note versus the US dollar today, bolstered by commercial demand, dealers said.

At 5 pm, the local note was quoted at 4.2560/2640 against the greenback from 4.2700/2750 on Wednesday.

A dealer said despite oil prices falling for the fourth day in a row today, the ringgit was well supported from a continued buying interest and exporters' demand.

"However, concerns over the sustained global supply glut will keep the currencies of oil-producing nations under pressure," he said.

Another dealer said the ringgit might be trading in a tight range of 4.23 to 4.27 until early next week, with more reactions could be expected after the US Federal Open Market Committee meeting scheduled for Dec 15 and 16.

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Oil plunges to 7-year low

SINGAPORE: Oil prices hovered near their lowest in almost seven years in Asia Tuesday ahead of the release of US crude inventories and expectations of an increase in US interest rates.

The decision by the OPEC oil producers grouping last week to maintain its lofty production levels continues to weigh on a market already awash with supplies as traders fix their sights on other developments that could influence prices.

US benchmark West Texas Intermediate (WTI) for January delivery was up 16 cents at US$37.81 and Brent crude for January was trading 26 cents higher at US$40.99 at around 0240 GMT.

WTI fell 5.8 percent to US$37.65 in New York and Brent tumbled 5.3 percent to US$40.73 in London on Wednesday, their lowest levels since February 2009.

Analysts said Tuesday's slight rebound reflected some bargain-hunting ahead of the release on Wednesday of US commercial crude stockpiles, which will help gauge demand in the world's top oil consumer.

A Bloomberg News survey estimated inventories probably rose for an 11th week, indicating softer demand.

Traders are also closely watching a meeting of the US central bank's Federal Open Market Committee (FOMC) next week amid expectations members will announce the first interest rate hike in over nine years.

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Ringgit at 4.20 against USD

KUALA LUMPUR: The ringgit opened broadly higher against the US dollar and other major currencies today on renewed demand for the domestic currency, a dealer said.

At 9.20am, the local unit firmed up against the US dollar to 4.2050/2090 from Friday's 4.2215/2265.

The local currency rose against the Singapore dollar to 3.0074/0107 from 3.0197/0254 on Friday and strengthened against the yen to 3.4126/4161 from 3.4369/4421.

The ringgit unit was also traded higher against the British pound at 6.3508/3573 from 6.3762/3858, and gained against the euro to 4.5687/5743 from 4.5879/4951 Friday.--BERNAMA

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Ringgit at 4.21 against USD

KUALA LUMPUR: The ringgit opened higher in early trade against the US dollar today on mild demand for the local note.

At 9am, the ringgit was quoted at 4.2150/2200 against the greenback from 4.2250/2310 on Thursday.

A dealer, said, local sentiment had improved with the ongoing positive progress on the 1MDB issue. On the global front, the dealer said investors are still cautious over the US dollar which fell in overnight trade, and ahead of crucial US jobs data to be released tonight.

They are also concerned over the hawkish comments by US Federal Reserve Chair, Janet Yellen, that keeping interest rates at zero for too long would create a risk to the financial stability of the US economy. The ringgit, meanwhile, traded mixed against other major currencies.

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Ringgit opens lower against US Dollar

KUALA LUMPUR: The ringgit reversed yesterday's gains to open lower in the early session against the US dollar today as the Federal Reserve (Fed)hinted of an imminent interest rate hike, a dealer said.

At 9.00 am, the ringgit was quoted at 4.2550/2620 against the greenback from 4.2300/2350 on Wednesday.

The hawkish comments of a nearing interest rate hike by Fed Chair, Janet Yellen, set the ringgit and other regional currencies on a decline. 

According to Yellen, keeping interest rates at zero for too long would create a risk to the financial stability of the US economy.

The ringgit, meanwhile, traded against other major currencies.

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Gold futures untraded in early session

KUALA LUMPUR: Gold futures contracts on Bursa Malaysia Derivatives were untraded in the early session today.

December 2015, January 2016, February 2016, March 2016 were all pegged at RM145.10 a gramme, RM145.40, RM145.65 and RM146 a gramme respectively.

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FGV shares rise in early session

KUALA LUMPUR: Shares of Felda Global Ventures Bhd (FGV) rose in the early session today with the company no longer pursuing its plan to acquire PT Eagle High Plantations. 

As at 10.20 am, shares of FGV were traded five sen higher at RM1.82 with 3.76 million units transacted. Yesterday, FGV said the group was in discussion at present with PT Rajawali Corpora for a possible different investment mode in PT Eagle High Plantations.

It added that current market conditions and developments in the palm oil sector had made it necessary to mutually review the existing investment mode to maximise benefits for all parties involved. 

"We believe the termination of the head of agreement is short term positive for FGV's shareholders. Had this deal gone through, it would further burden FGV's financials," said Maybank Investment Bank in a research note today. 

The investment bank added that at the purchase price of about US$17,400 per hectare, FGV would never have recouped its investment in Eagle High in the current planting cycle and at current crude palm oil prices.

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Ringgit rebounds to open higher against USD

KUALA LUMPUR: The ringgit rebounded to open higher against major currencies, including the US dollar today, as investors shifted their interest to the local note, a dealer said.

 

At 9am, the ringgit was quoted at 4.2440/2530 against the greenback from 4.2615/2665 on Monday. However, the dealer said investors are closely watching China's manufacturing Purchasing Managers Index data due later, amid worries about slowing growth in the country. 

Meanwhile, Forex Time Research Analyst Lukman Otunuga said the renminbi which has been included in the International Monetary Fund's exclusive Special Drawing Rights basket of currencies, has a low immediate impact on the economy of China itself.

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