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KUALA LUMPUR: The ringgit continued its decline in early trade on Friday, testing the 4.38 level per US dollar for the first time since the Asian financial crisis 17 years ago.

At 9.30am, the ringgit was quoted 0.62 per cent lower at 4.3720/3810 against the greenback from 4.3450/3480 at 5pm on Wednesday. 

The market was closed yesterday for the Hari Raya Haji holiday

Dealers said the local note was currently under pressure from lack of domestic leads and weaker crude oil prices which had dented global risk appetite.

"The anticipation of the Federal Reserve interest rate increase, further devaluation of China's yuan over a sustained worries about China's economy contributed to the ringgit selling.

"It could be thinly traded today as many players are extending their holiday over the weekend, or shot up just above the 4.38 level to trigger some stop-loss orders," he said.

The ringgit was traded lower against a basket of major currencies except the pound sterling.

It fell further against the Singapore dollar to 3.0698/0787 from 3.0549/0575 on Wednesday, and was traded lower against the yen at 3.6336/6417 from 3.6151/6185 previously.

The local note eased against the euro to

NEW YORK: Oil prices rose as much as 1 percent on Thursday, boosted by inventory draws at the U.S. crude futures' delivery hub although gains were capped by tumbling equity prices on Wall Street.

Market intelligence firm Genscape estimated a drawdown of 625,000 barrels out of the Cushing, Oklahoma delivery point for U.S. crude in the week to Sept. 22.

The Genscape estimate, coming after a stockpile drop of 462,000 barrels at Cushing reported by the U.S. Energy Information Administration (EIA)

KUALA LUMPUR: Banks, Genting Bhd and DiGi were among the top losers in early Wednesday trade in line with the weaker Asian markets after the overnight fall on Wall Street.

At 9.07am, the KLCI was down 16.39 points or 1% to 1,618.98. Turnover was 83.21 million shares valued at RM42.96mil. Losers beat gainers 136 to 84 while 137 counters were unchanged.

Reuters reported Asian stocks fell on Wednesday as global growth worries stung Wall Street, sending investors scampering to the relative safety

The following table shows rates for Asian currencies against the dollar at 0132 GMT on Tuesday September 22.


  Change on the day at 0132 GMT

  Currency    Latest bid   Previous day    Pct Move

  Japan yen       120.34         120.57       +0.19

  Sing dlr        1.4134         1.4101       -0.23

  Taiwan dlr      32.695         32.939       +0.75

  Korean won     1178.20        1174.70       -0.30

  Baht             35.95          35.79       -0.45


KUALA LUMPUR: Foreign selling of Malaysian equities continued for the second day Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers nibbling.

BIMB Securities Research said the FBM KLCI lost a further 4.1 points to close at 1,635.37 on Tuesday as foreign funds resumed their selling again.

Local institutions were net buyers at RM170.9mil and retailers at RM14.6mil.

Interestingly Bank Negara reported that its foreign reserves as at Sept 15

JAKARTA: Malaysian palm oil futures rose to a one-week high on Tuesday, supported by positive export data, a weak ringgit and dry weather conditions.

The benchmark December palm oil contract on the Bursa Malaysia Derivatives Exchange ended up 1.5 percent by the close, at 2,183 ringgit ($508) a tonne. 

Prices earlier touched 2,201 ringgit, their highest since Sept. 15, and have now gained 10 percent so far this month.

"The market is up strongly on the back of good exports, a weak ringgit and

KUALA LUMPUR: The ringgit opened easier against the US dollar in early trading today on lack of demand.

At 9.22 am, the local currency opened softer against the greenback at 4.2410/2500 compared with 4.2030/2110 at the close on Friday.

"Players opted to lock in profits following the ringgit's recent surge," a trader said.

The ringgit was traded mixed against other major currencies.

It strengthened against the Singapore dollar to 3.0179/0264 from Fridays's 3.0211/0273 and appreciated against

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