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The effects of the free-falling oil prices hit the ringgit and the stock market, with the Malaysian currency declining to a four-year low and the Bursa recording its worst performance since mid-October. Oil and gas counters saw some RM8bil in paper wealth wiped out. In the stock exchange, 981 counters saw red numbers while only 82 made gains.
THE greenback weakened last week after market expected US tapering to be postponed to March next year.
THE deadline for raising debt ceiling is due this Oct 17 despite no positive outcome has been reached. The shutdown has risked the global economy to edge into recession as investors’ confidence may begin to wane.
LAST week, the market was mainly lacklustre and traded in sideways consolidation. The US jobless claims dropped to 305,000 for the week ended Sept 21 while pending home sales declined by 1.6% on monthly basis.