M'sian stocks, ringgit surge after Fitch maintains rating

Kuala Lumpur

MALAYSIA's equities and currency enjoyed a boost on Wednesday after Fitch Ratings affirmed the sovereign's long-term foreign currency rating at A- and revised the outlook upwards from negative to stable.

The ringgit strengthened to 3.73 against the US dollar from 3.77 or a recent 10-year low but is seen remaining weak; RHB Investment Bank expects it to trade within the 3.65-3.75 range as foreigners are likely to adjust their portfolios ahead of a projected US rate hike in September.