AMID FEARS TRUMP WILL PUSH FOR HIGHER U.S. INTEREST RATES, RINGGIT FALLS TO 4.25 LEVEL BUT BURSA SHARES UP IN LINE WITH GLOBAL MARTS

KUALA LUMPUR — The ringgit opened lower against the US dollar today in line with the incoherent crude oil prices post-US presidential election, said a dealer.

At 9am, the ringgit was quoted at 4.2500/2550 against the greenback from 4.2240/2300 yesterday.

Public Investment Bank Bhd, in a note today, said Donald Trump’s victory in US presidential election shocked Asian markets, considering his seemingly “controversial” stands on certain issues and its potentially far-reaching ramifications on the global stage, among which were related to trade, China and energy.

International benchmark Brent oil prices stood at US$46.28 (RM196.90) per barrel at the opening while the West Texas Intermediate oil prices were priced at US$45.08 per barrel.

The ringgit was traded mixed against a basket of major currencies.

It eased against the Singapore dollar to 3.0351/0412 from 3.0345/0392 yesterday. It, however, strengthened against the yen to 4.0193/0252 from 4.0808/0877.

It depreciated against the British pound to 5.2802/2894 from 5.2340/2427, but rose against the euro to 4.6410/6486 from 4.6679/6754.

SHARES UP IN LINE WITH GLOBAL MARKETS

MEANWHILE, Bursa Malaysia reversed yesterday losses to open higher today after it was hit by the surprised victory of Republican Donald Trump in the US presidential election over Democratic candidate, Hillary Clinton, dealers said.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 8.44 points higher at 1,656.06 from yesterday’s close of 1,647.62.

The index opened 4.75 points higher at 1,652.37.

Market breath was positive as gainers led losses 241 to 32, while 108 counters were unchanged, 1,267 untraded and 24 others suspended.

Turnover stood at 115.71 million shares worth RM60.36 million.

An analyst said the local bourse was positive, in tandem with some regional peers.

“US stocks have climbed back from the losses, as shares of banks and heavy equipment manufacturers rallied amid speculation Trump will pursue business-friendly policies,” he said.

Singapore’s Straits Times Index rose 1.12 per cent to 2,821.04, South Korea’s Seoul Composite Index improved 1.76 per cent to 1,992.88 and Taiwan Stock Exchange Weighted Index gained 2.30 per cent to 9,148.79.

Of the heavyweights, TNB increased four sen to RM14.32, Maybank added five sen to RM7.92, Public Bank gained four sen to RM19.72, Petronas Chemicals rose two sen to RM6.93 and IHH Healthcare was flat at RM6.35.

CIMB Group rose seven sen to RM4.87.

Among actives, TA Global gained two sen 27 sen, RGB added one sen to 24 sen and WCT rose six sen to RM1.86.

The FBM Emas Index increased 59.28 points to 11,635.54, FBMT 100 Index added 58.8924 points for 11,351.67 and the FBM Emas Shariah Index rose 55.91 points to 12,210.84.

The FBM 70 improved 73.64 points to 13,464.44 and the FBM Ace was 40.53 points higher at 4,951.89.

Sector-wise, the Finance Index advanced 71.60 points to 14,407.59, the Plantation Index increased 44.41 points to 7,750.47 and the Industrial Index rose 6.79 points to 3,143.53.

— Bernama

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