FBM KLCI and USDMYR

The top two losers are gloves makers. Since 2017 their margin has been squeezed due to market competition. Ringgit strengthening also affected the margin since 80 % of their products are exported. Public Bank are solid bank but their valuation is on the high side. With the retirement of the founder Chairman, Teh Hong Piau the bank is moving into a new era where investors are still not sure where the direction lead to. Others losers are GLCs. With PH government now on the last leg of cleaning the mess from the previous government, hiccups are here and there. Stocks of KLCI components are held by local institutions and foreign investors. Foreigners buying locals shares are not only concern on the shares valuation but also on exchange rate of the ringgit. So the KLCI is intertwined with USDMYR.