Friday 29 Mar 2024
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KUALA LUMPUR (Nov 24): The FBM KLCI fell 6.17 points or 0.4% while the ringgit depreciated to a new one-year level against the US dollar on expectation of a US interest rate increase next month.

At 5pm, the KLCI closed at 1,624.21 points while the ringgit depreciated to its weakest point in one year against a strengthening US dollar at 4.4675. The exchange rate over the last one year was between 3.8442 and 4.4675.

"There are still uncertainties on US President-elect Donald Trump's policies. US interest rate hike expectation from the Federal Reserve will also have an impact on foreign outflow," Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com via telephone.

Bursa Malaysia saw 452 decliners versus 302 gainers. A total of 1.3 billion shares valued at RM1.27 billion changed hands.

Reuters reported that most Asian stock markets fell on Thursday as upbeat economic data strengthened the prospect for higher US interest rates, while the dollar's bull run continued with US bond yields propelled to multi-year highs.

Earlier, Federal Reserve Chair Janet Yellen had said US interest rates might rise "relatively soon". Yellen's comment was in anticipation of higher US inflation and interest rates due to Trump's planned expansionary fiscal policies.

 

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