KUALA LUMPUR: Trouble at Credit Suisse and a global stock market selldown have led to a poor start for both the ringgit and Bursa Malaysia.
The ringgit began the day trading at 4.5050/4.5115 against the US dollar, down from yesterday’s closing rate of 4.4810/4.4870. An analyst said the turbulence at Credit Suisse, which has triggered fears of a deepening of the banking crisis in the US, had strengthened the greenback. On the local stock exchange, traders reacted to the worsening sentiment across the globe, led by a decline on Wall Street, to exit the market.
Just 10 minutes into the day’s trading, the benchmark FTSE Bursa Malaysia KLCI had already lost almost 10 points to settle at 1,394.52 points.Subscribe to our newsletter and get news delivered to your mailbox.