KUALA LUMPUR – The ringgit continued to remain under pressure as the outcome of the United States debt ceiling talks remained highly uncertain despite the early June deadline.
At 9am, the local note fell to a six-month low of 4.6280/6305 versus the US dollar compared with yesterday’s closing of 4.6245/6285.
Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said Fitch Ratings’ move to put the US’ AAA credit rating on negative watch on the risk of sovereign default suggested that a downgrade is on the horizon.
Meanwhile, Bursa Malaysia opened slightly higher but retreated thereafter on continued selling among its heavyweights amid mixed sentiments on the Asian market.
At 9.17am, the FTSE Bursa Malaysia KLCI decreased by 2.51 points to 1,399.97 from 1,402.48 at yesterday’s close.
The barometer index opened 0.45 of-a-point stronger at 1,402.93.
The broader market saw decliners surpass advancers 211 to 162, while 232 counters were unchanged, 1,671 untraded and 26 others suspended.
Turnover stood at 287.93 million units worth RM186.64 million. – Bernama, May 26, 2023
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