Ringgit opens at 4.31 against USD

The ringgit opened lower versus the US dollar today on weak demand for the local currency, dealers said.

At 9am, the ringgit was quoted at 4.3160/3250 from 4.2900/2970 on Thursday.

A dealer said the ringgit was traded lower on the first day of trading due to weak sentiment with the US monetary policy diverging to continue backing the greenback for this year.

"The dollar is set to perform better over its world peers and continue last year's trend," the dealer said.

Meanwhile, the ringgit was traded mostly higher versus other major currencies. 

Against the Singapore dollar, it strengthened to 3.0303/0387 from 3.0367/0423 on Thursday and vis-a-vis the yen it slipped to 3.5826/5916 from 3.5637/5698.

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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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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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Malaysia: Shares end higher

Malaysian shares closed higher on Tuesday, with the Kuala Lumpur Composite Index gaining 14.92 points to 1,662.51.

Some 2.13 billion lots, valued at RM2.12 billion, were traded. Gainers outnumbered losers 495 to 363.

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Ringgit climbs with bonds as political rallies pass peacefully

Malaysia's ringgit rose to a one-week high and bonds rallied after weekend protests calling for the resignation of Prime Minister Najib Razak ended peacefully. An overnight surge in oil prices also aided local markets as they reopened after Monday's National Day holiday.

 

The currency appreciated 0.7 per cent to 4.1645 a dollar in Kuala Lumpur, extending its recovery from a 17-year low of 4.2990 reached on Aug. 26, according to prices from local banks compiled by Bloomberg. It rose as much as 1.2 per cent earlier to 4.1430. The 10-year government bond yield dropped 17 basis points to 4.23 per cent, the biggest decline since 2013, Bursa Malaysia prices show.

Brent crude prices climbed 8.2 per cent in New York on Monday, easing concern that government finances will deteriorate for Asia's only major net oil exporter. The political rallies in the capital failed to draw a large number of ethnic Malays, a sign that a funding scandal enveloping Najib has yet to cause major dissent within his grassroots power base.

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Malaysia: Stocks end more than 20 points higher

Malaysian shares closed higher on Thursday with the Kuala Lumpur Composite Index gaining 21.33 points to 1,601.7.

Some 2.1 billion lots, valued at RM2.31 billion were traded. Gainers outnumbered losers 726 to 206.

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Malaysia: Shares open lower on Friday

MALAYSIA share prices opened lower on Friday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 11.67 points to 1565.74.

Volume was 97.3 million lots worth RM51.2 million.

Losers outnumbered gainers 269 to 48.

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Malaysia: Shares open higher

MALAYSIA share prices opened higher on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 15.08 points to 1594.68.

Volume was 37.5 million lots worth RM10.9 million.

Gainers outnumbered losers 101 to 54.

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Malaysia: Shares end lower

MALAYSIAN shares ended lower on Tuesday with the Kuala Lumpur Composite Index slipping 10.06 points to close at 1,699.7.

Some 2.14 billion lots, valued at RM2.25 billion were traded. Gainers numbered 197 while losers numbered 726.

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Malaysia: Shares close higher on TuesdayMalaysia: Shares close higher on Tuesday

MALAYSIAN shares closed higher on Tuesday with the Kuala Lumpur Composite Index up 12.06 points to close at 1,736.19.

Some 1.66 billion lots, valued at RM1.51 billion were traded. Gainers numbered 555 while losers numbered 261.

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Ringgit forwards point to further weakness weighed by oil, 1MDB

[KUALA LUMPUR] Offshore forwards show the ringgit may weaken another 2.7 per cent in the next 12 months as Brent crude prices below a 10-year average hurt export earnings, combined with controversy over a state investment company.

Twelve-month non-deliverable forwards retreated 0.2 per cent to 3.9145 a dollar as of 11:20 am in Kuala Lumpur, data compiled by Bloomberg show. The contracts declined to a record 3.9608 on July 8. The onshore ringgit fell to its lowest this month since the Asian financial crisis and is the region's worst-performing currency in 2015.

As Asia's only major net oil exporter, a 50 per cent slump in Brent crude from last year's peak is weighing on the ringgit, just as a looming US interest-rate increase may spur capital outflows. Investor sentiment has also deteriorated amid a probe into funds linked to 1Malaysia Development Bhd. that has embroiled Prime Minister Najib Razak.

"Downward pressure on oil prices, a stronger US dollar on Federal Reserve rate hikes this year and ongoing local political news are all weighing on ringgit forwards," said Khoon Goh, a strategist at Australia & New Zealand Banking Group Ltd in Singapore. "I expect to see a further weakening in the spot rate given the stronger US dollar." The ringgit was little changed in onshore trading Thursday at 3.8070 a dollar, and is down 0.3 per cent from July 10, according to prices from banks compiled by Bloomberg. It fell to the 1997-98 Asian crisis low of 3.8130 this month and has lost 8.2 per cent in 2015. Malaysian financial markets will be shut Friday for a Muslim holiday.

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Malaysia: Stocks open lower on Thursday

MALAYSIA share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 2.72 points to 1,724.54.

Volume was 44.81 million lots worth RM21.63 million as at 9.03am. Gainers outnumbered losers 88 to 77.

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Malaysia: Shares end higher

MALAYSIAN shares ended higher on Thursday with the Kuala Lumpur Composite Index adding 5.92 points to close at 1,733.88.

Some 1.46 billion lots, valued at RM1.85 billion were traded. Gainers numbered 388 while losers numbered 351.

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Malaysia: Stocks open lower on Monday

Malaysia share prices opened lower on Monday morning with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down at 1,708.63 points, down 1.84 points.

Some 97.6 million shares worth RM32.91 million were traded.

Losers outnumbered gainers 206 to 75.

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Malaysia: Shares open lower on Thursday morning

Malaysia share prices fell on Thursday morning with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 8.13 points to 1,741.04 points.

Volume was 21.8 million lots worth RM18.46 million.

Gainers outnumbered losers 114 to 72.

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Malaysia: Shares open lower

Malaysia share prices opened lower on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 3.19 points to 1,740.22.

Volume was 89.7 million lots worth RM47 million.

Gainers outnumbered losers 150 to 104.

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Malaysia: Shares open lower on Tuesday morning

Malaysia share prices fell on Tuesday morning with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 6.44 points to 1,760.94 points.

Volume was 34.2 million lots worth RM21.2 million.

Gainers outnumbered losers 109 to 73.

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Malaysia: Stocks open lower on Monday

Malaysia share prices slipped on Monday morning with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 0.48 points to 1,787.02 points.

Volume was 30.2 million lots worth RM 8.6 million.

Gainers outnumbered losers 89 to 51.

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Oil prices edge up on firm Asian, US demand

[SINGAPORE] Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the U.S. driving season.

Front-month Brent crude prices had gained 2 cents to US$65.39 per barrel by 0312 GMT. US crude prices were up 14 cents at US$59.86 a barrel. "Global oil demand continues to surprise to the upside, with April data showing no signs of slowdown despite a pick-up in prices," Energy Aspects said.

Japan's customs-cleared crude oil imports rose 9.1 per cent to 3.62 million barrels per day (17.28 million kilolitres) in April from the same month a year earlier, the Ministry of Finance said on Monday.

In China, crude imports hit a record 7.4 million barrels per day in April despite a slowing economy, driven largely by healthy car sales. "We expect Chinese imports to be high in H2 15, potentially averaging 7.5 million barrels per day. This is due to the start-up of 39 mb (million barrels) of commercial storage, five SPR (strategic petroleum reserve) sites and linefill for Kunming refinery-buying for which is ongoing we believe, even though the refinery won't start up till early 2016," Energy Aspects said.

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Malaysia: Shares up 1.25 points on Wednesday

Malaysia share prices opened slightly higher on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 1.25 points to 1,810.97 points.

Volume was 48.6 million lots worth RM 18.6 million.

Gainers outnumbered losers 91 to 51.

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