KUALA LUMPUR (Dec 3): AmBank Group Research expects the ringgit (MYR) to trade between its support levels of 4.1678 and 4.1769 while the resistance is pinned at 4.1862 and 4.1903.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR remained flat at 4.184 against a stronger USD.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI fell by 0.97% to 1,679.9 due to foreign portfolio adjustment at the month-end.

He said for the local govvies market, decent trading activities were seen as the 5-year and 7-year Malaysian Government Securities (MGS) fell by 1.0 basis point (bps) and 0.5bps to 3.870% and 4.050% respectively.

He said the 3-year MGS was up by 1.0bps to 3.715% while the 10-year benchmark remained unchanged at 4.145%.

“Meanwhile, oil prices edged lower due to the increase of oil rigs in Baker Hughes’ latest report but losses were limited by expectations Russia and Saudi Arabia will extend the OPEC+ oil pact.

“The Brent fell by 1.34% to US$58.71/bbl while WTI dipped by 1.01% to US$50.93/bbl.

“Meanwhile, the MYR has a mixed reception against its regional peers. It appreciated by 0.11% to 7.876 against the Thai baht, strengthened by 0.03% to 12.53 against the peso but weakened by 0.57% to 3417.9 against the rupiah and skidded slightly by 0.04% to 3.056 against the Singapore dollar,” he said.