Malaysian ringgit, stocks down after inconclusive election

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SINGAPORE – Malaysia's share market and ringgit currency weakened in early trade on Monday (Nov 21), after a national election over the weekend resulted in the first hung parliament in the country's history, to leave rival parties scrambling for coalition partners. The ringgit fell almost 0.8 per cent against the greenback, its steepest drop in seven months as investors reacted...

SINGAPORE – Malaysia's share market and ringgit currency weakened in early trade on Monday , after a national election over the weekend resulted inin the country's history, to leave rival parties scrambling for coalition partners.

Malaysia elected a hung parliament for the first time in its history, as the ruling Barisan Nasional, led by the United Malays National Organisation came a distant third.battle it out "In the near term, the political uncertainty, along with the global economic slowdown, I think, should keep the upside pressure on the US dollar/ringgit pair," he said – meaning downward pressure on the ringgit.

 

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