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Bursa Malaysia’s move for the next six months is aimed at protecting investors
RISING fears of the coronavirus spread and its potential economic impact unleashed one of the most violent sell-offs in history across global asset markets.
HONG KONG: Energy bonds were hard hit in Asian trading on Monday, as global investors speculated the oil price slump could increase the risk of corporate defaults across the sector in 2020.
The US dollar plunged 1.34% to 96.820 after the Federal Reserve delivered an emergency rate cut – the first time since Oct 15, 2008. The target range now stands at 1.00%–1.25%.
KUALA LUMPUR: AmBank Research expects volatility on Bursa Malaysia to remain strong driven by the global spread of the Covid-19 coronavirus and the collapse of the Pakatan Harapan (PH) government.
Amid a short working week in conjunction with President’s Day, the dollar climbed 0.75% to 99.865, marking a near three-year high. The broad strength in the dollar was supported by demand for safe-haven assets in view of the coronavirus conundrum.
Separately, the Fed’s Powell in his testimony acknowledged the rising risk of coronavirus (Covid-19) while viewing the underlying strength of the US economy, added with a series of rate cuts last year, is appropriate to withstand the rising challenges on the external front.
The dollar surged by 1.14% to 98.496 largely underpinned by stronger economic data, signalling that the US economy remains resilient despite concerns over slower global growth.
PETALING JAYA: Heng Huat Resources Group Bhd executive chairman Ooi Chieng Sim has been remanded by the police to assist with investigations pertaining to developments surrounding ATTA Global Group Bhd, in which Ooi is also the executive chairman.