Economist Hoo Ke Ping says the weaker ringgit has made it more expensive to import goods.
But Hoo said this was unlikely. He said on a month-on-month basis, imports had dropped in November and December , increasing 1.4% in January before dropping 24.8% in February. “The consequences are reflected in lower domestic sales figures across most sectors, as well as the drop in business confidence,” he added.Although a relatively small group of people hold shares in the stock market, a majority of them are businessmen and those who consume a lot as they have high levels of disposable income, he said.
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