THE ringgit and the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) are expected to trade mixed this week as investors wait for fresh catalysts. All eyes will be on the latest political development as Opposition leader Datuk Seri Anwar Ibrahim is expected to have an audience with the King tomorrow, prompting the investors to adopt a wait-and-see approach in addition to rising Covid-19 infections both locally and abroad.
KUALA LUMPUR: The ringgit opened slightly lower against the US dollar today as the greenback strengthened against commodity currencies, underpinned by recovery optimism.
KUALA LUMPUR, Aug 13 The ringgit closed lower against the US dollar today, reversing Thursday’s gains, as surging Covid-19 cases, coupled with the declining oil price, weighed on sentiment, a dealer said. At 6pm, the local note stood at 4.2365/2385 versus the greenback compared with.
MALAYSIA’S Industrial Production Index (IPI) could rise to 3.2% in 2021 although it may be at a slower pace due to Covid-19 and Movement Control Order (MCO) impact.Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said subsebquent restrictions on human mobility and strict adherence of standard operating procedures would cap the expansion in IPI this year.“We believe the IPI would be propelled by the manufacturing sector especially the electrical and electronics (E&E) as the technology sector is expected to see good demand from smart devices, automotive industries and the new normal narratives which will require heavy usage of data and related devices.
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