KUALA LUMPUR: Malaysia’s ringgit fell the most in a week amid a global selloff in equities and as energy prices slumped on signs China’s economy is slowing.
The FTSE Bursa Malaysia KLCI Index of stocks dropped more than 1% yesterday, raising concern more foreign investors will exit after dumping about US$3bil in shares this year. Brent crude tumbled 8.5% on Tuesday in its biggest one-day slide since 2011 before data forecast to show US stockpiles increased. The price of the commodity has halved in the past year, cutting Malaysia’s export earnings and contributing to a 24% slump in the ringgit. A report on Tuesday showed China’s official factory gauge fell to a three-year low last month.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
