Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 28): AmBank Group Research expects the ringgit (MYR) to trade between its support level of 4.1299 and 4.1346 while the resistance is pinned at 4.1461 and 4.1515.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said MYR rose 0.03% to 4.140 against the dollar.

He said the KLCI closed flat at 1798.6 with a net foreign outflow of RM37.9 million.

“Strong buying flows were seen in the local bond space with the 5-,7- and 10-year Malaysian Government Securities (MGS) yields down 2.5 basis points (bps), 3.0bps and 4.0bps to close at 3.755%, 3.960% and 4.070%, respectively.

“Crude oil prices i.e. WTI and Brent rose 0.77% and 0.47% to US$72.12/barrel and US$81.72/barrel, respectively as investors remained concern over the shortfall in global oil supply after the US sanction on Iran takes effective in 5 weeks time.

“The MYR strengthened against its regional peers with, up 0.02% against the Singapore dollar to 3.033 and 0.05% against baht to 7.835 as well as 0.11% gain against rupiah to close at 3604.8. But MYR fell by 0.22% against peso to 13.08,” he said.

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