Ringgit weakness boost for Bursa

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Bursa Malaysia Bhd chief executive officer Datuk Muhamad Umar Swift.(pic) said: “Clearly, rising interest rates in other markets will actually take liquidity potentially from our market. We will have to see how the balance of the year progresses because Malaysia has a gross domestic product or GDP growth of 5.5%. And it is a compelling story.”

KUALA LUMPUR: The weakness of the ringgit offers a tremendous opportunity for foreign investors in the medium term, as they could benefit from a potential uplift on the foreign exchange as well as the growth of Malaysian companies, says Bursa Malaysia Bhd chief executive officer Datuk Muhamad Umar Swift.(pic)

“Clearly, rising interest rates in other markets will actually take liquidity potentially from our market.

“We will have to see how the balance of the year progresses because Malaysia has a gross domestic product or GDP growth of 5.5%. And it is a compelling story,” he added.

More importantly, Malaysia in regional terms is cheaper than its neighbours with attractive forward earnings.

“Yes, there is a risk of the ringgit deteriorating further and that’s really a balancing act, but we have a strong current account surplus.

“You also then have to look at the impact of real interest rates,” said Muhamad Umar at an online media briefing on Bursa Malaysia’s first half-year results ended June 30, 2022.

On cross-border collaboration with other exchanges, he said Bursa Malaysia was pursuing depository receipts (DRs), as it would be an opportunity for investors to access markets more efficiently and effectively.

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“We are very interested as capital has no boundaries. The Singapore Exchange (SGX) and the Stock Exchange of Thailand (SET) have used it, and we will look to also emulate the same,” said Muhamad Umar.

In September 2021, the SGX and SET announced that the exchanges planned to set up the Thailand-Singapore DR Linkage, which would be the first exchange-level DR cooperation in Asean.

The exchanges expect to introduce the first DR of the linkage by September 2022.

Under the linkage, DRs representing shares in an SGX-listed security will be issued for trading on SET and vice versa.

Investors in Thailand and Singapore will benefit from the ease of buying and selling securities via a DR through their local broker arrangements and in their domestic currency.

Muhamad Umar also spoke about the local bourse developing new syariah-compliant products such as the Digital Gold Dinar.

“There is an underserved part of the market. We need to have different products to excite investors. The product that we’re looking at will be built on a separate platform from cash and equities.

“It won’t be in your Central Depository System (CDS) account. It will be its own vertical and it will be a Digital Gold Dinar – a fractional gold coin,” he said.