Ringgit extends drop on oil, global concerns

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KUALA LUMPUR (Dec 11): Ringgit falls for a fifth day, tracking recent declines in oil prices and weakness in most Asian currencies, as risk sentiment remains tepid amid concerns over the US-China trade issues and delay of a crucial parliamentary vote on Brexit.

* USD/MYR advances 0.2% to 4.1810 after gaining 0.6% in previous four days

** Resistance at 4.2020, 4.2437, 4.2531; support 4.1338, 4.1227, 4.0900

* ANZ sees slight upside risk for USD/MYR in the near term amid volatile oil prices and modest portfolio outflows, says Irene Cheung, a senior strategist in Singapore

** Expects resistance for pair at 4.20

** Sentiment toward EM Asia FX is relatively cautious as traders focus on US-China trade talks, swings in US stocks and recent outflows from Asian equities

* 10-year yield steady at 4.09%

* Govt to auction RM3.3 billion of 2022 Islamic bonds on Thursday

* Govt will consider various factors when deciding which state assets to sell, including the performance and operating ability of companies in question, according to Finance Minister Lim Guan Eng in a New Straits Times report

** NOTE: Malaysia to Sell Some Stakes in Non-Critical, Non-Strategic Cos.

* Industrial production probably rose 3% y-o-y in October vs 2.3% in September: Bloomberg survey shows ahead of data due Wednesday

* Malaysia will take all effective steps to handle its maritime dispute with Singapore “in a calm and peaceful manner,” according to the Foreign Affairs Ministry