Ringgit hits 4.12 to US$ as KLCI extends slide

KUALA LUMPUR: The ringgit continued its slide against the US dollar to hit a low of 4.1230 in early Tuesday trade while the FBM KLCI extended its decline, albeit at a slower pace due to local fund support.



At 10.16am, the ringgit was off its earlier low to trade at 4.1065 to the greenback comapred with its previous close of 4.0995.






The KLCI was down 1.84 points or 0.12% to 1,570.70. Turnover was 663.58 million shares valued at RM366.88mil. There were 243 gainers to 328 losers.

BIMB Securities Research said it expected a mild rebound for the battered down stocks.



On Monday, foreign funds were net sellers at –RM235.5mil but local retail investors were net buyers at RM18.1mil and local institutions at RM217.4mil, according to BIMB Research data.
Plantation stocks were in focus, with KL Kepong, Genting Plantations and IJM Corp among the top losers.

Genting Plantations fell 19 sen to RM9.19 and IJM Corp 14 sen lower at RM5.98.

StarBiz reported Norway’s US$871bil sovereign wealth fund Norges Bank has excluded IJM Corp and Genting Bhd from its investments due to risks of “severe environmental damage”.

KL Kepong lost 20 sen to RM20.22. However, PPB Group rose 14 sen to RM14.80.

Allianz was the top loser, down 30 sen to RM10.50 in thin trade while Aeon Credit was down 26 sen to RM12.52.

UMW continued to come under pressure, falling 22 sen to RM8.77 while Lafarge was down 16 sen to RM8.84 and Boustead 15 sen lower at RM4.05.

Time dotCom staged a rebound to climb 19 sen to RM5.89, Top Glove added 17 sen to RM7.70 and AmBank 10 sen to RM5.03.



Semicon-related MPI and Globetronics traded higher. MPI added 13 sen to RM5.80 and Globetronics 10 sen to RM5.70.

Via:: The Star – Malaysia