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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Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit opened higher in early trade against the US dollar on renewed demand for the local currency.

At 9.19am, the ringgit was quoted at 4.3700/3790 against the US dollar from 4.3810/3850 on Monday.

A dealer said the better demand for ringgit was in tandem with the improved performance on the equities market.

The local note was also traded higher against other major currencies.

It appreciated against the Singapore dollar to 3.0727/0801 from 3.0798/0841 on Monday and rose against the yen to 3.5442/5529 from 3.5682/5720.

It gained versus the British pound to 6.6385/6543 from 6.6600/6670 yesterday and advanced against the euro to 4.6619/6733 from 4.7039/7086 on Monday. -- Bernama

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Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit was higher in the early session today on better demand for the local note as the greenback took a pause from its rally.

At 9.16am, the ringgit was quoted at 4.3520/3590 against the US dollar from the 4.3600/3670 it recorded yesterday.

The US dollar retreated from a seven-month high against a basket of six major currencies.

Meanwhile, the ringgit traded lower against other major currencies.

It depreciated against the Singapore dollar to 3.0732/0790 from 3.0680/0734 and eased against the yen to 3.5431/5597 from 3.5407/5467.

It weakened against the British pound to 6.6307/6440 from 6.6054/6173 and declined against the euro to 4.6893/6986 from 4.6822/6902. -- Bernama

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Ringgit adds to declines as new 1MDB probes compound losses

The ringgit added to Monday's decline after the New York Times reported the US Justice Department has started an investigation into allegations of corruption associated with Malaysian Prime Minister Najib Razak and people close to him, spurring a surge in debt insurance costs.

 

The NYT said the probe is focusing on US properties that were purchased by shell companies belonging to Mr Najib's stepson and money in the premier's personal bank account. A report days earlier from the Wall Street Journal said the US Federal Bureau of Investigation began a probe into alleged offshore money laundering by state investment company 1Malaysia Development Bhd. The ringgit is already Asia's worst-performing currency in the past 12 months amid the political scandal involving 1MDB and plunging commodity prices.

"The '1MDB wound' is getting fresh knocks from the US," said Vishnu Varathan, a Singapore-based economist at Mizuho Bank Ltd. "Malaysia has suffered from the pre-existing commodity dent and softer currency that could exacerbate the vulnerabilities from external debt." Mr Najib's press officer didn't immediately respond to a call and text message seeking comment on the New York Times report.

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Ringgit falls below 3.07 to Singdollar

Malaysia's ringgit led losses early in Asia as a renewed decline in stocks and a downgrade in Brazil's credit rating reignited concerns capital will flow out of emerging markets as the US prepares to raise interest rates.

 

The ringgit fell below the 3.07 level to one Singapore dollar, for the first time, on Thusrday morning (Sept 10), touching 3.0788 at 8:12 am. It was trading at 3.0698 as of 8:37 am, down from Wednesday's close of 3.0590.

The Malaysian currency also sank to a new 1998 low against the US dollar. It was down 1.1 per cent to 4.3770 per US dollar as of 8:13 am in Kuala Lumpur, the lowest level since January 1998, according to prices from local banks compiled by Bloomberg."The drop in US equities, the rate cut by the Reserve Bank of New Zealand and cutting Brazil's rating to junk should push emerging markets down," said Masashi Murata, vice president at Brown Brothers Harriman & Co. in Tokyo. "All Asian currencies are likely to drop with risk-off trading."

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Malaysia ringgit hits pre-peg 17-year low on risk aversion

[SINGAPORE] The Malaysian ringgit hit a fresh pre-peg 17-year low on Monday as sustained worries about China's economy dented global risk appetite with European and Wall Street stocks suffering their largest one-day drop in nearly four years.

 

The ringgit lost 0.9 per cent to 4.2200 per dollar, its weakest since Aug 31, 1998. The ringgit was pegged at at 3.8000 to the dollar in September 1998 and maintained there until 2005.

Malaysia's international reserves fell to US$94.5 billion as of Aug. 14 from US$96.7 billion as of July 31, central bank data showed on Friday. The drop was smaller than a US$3.8 billion drop in the second half of July.

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Ringgit slumps to 16-year low, money changers warned against hoarding foreign currencies

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years.

MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit.

"It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently.

 

"The risk would be exchange rate risk whereby if there are adverse changes in currency exchange rates, the money changer could suffer a loss if they are stockpiling foreign currencies."

Ramasamy's comments come as the ringgit slid to a 16-year low on July 6, falling to 3.8092 to the US dollar.

It was last at this level from 1998 to 2005 during which it was pegged to the US dollar at 3.8 following the Asian financial crisis which was blamed on currency speculators.

MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

Money changers should not hoard foreign currencies as this could pose risks in a volatile market, the Malaysian Association of Money Services Businesses (MAMSB) warned as the ringgit hits its lowest in 16 years. MAMSB president Ramasamy Veeran said it was never a practice to stockpile and withhold foreign currencies in order to make a profit from the weak ringgit. "It is not a standard practice or a norm… Further, there are risks associated in stockpiling foreign currencies in a volatile local and global market," he told The Malaysian Insider recently. - See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakest-in-16-years-money-changers-warned-against-stockpiling-forei#sthash.AOGfnYUX.dpuf

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