Ringgit risingTHE ringgit exchange rate against the US dollar strengthened to its highest level since February this year, boosted by improving local economic data and the greenback weakness. The disposal, Genting HK said on Tuesday, was part of its strategy to offload non-core assets and raised much needed funds. Worries about Genting HK financial health has seen its share price plummet 60% since January as the Covid-19 pandemic forced cruise operators worldwide to suspend sailings. Meanwhile, UOB Kay Hian Malaysia Research, on Wednesday, said Genting HK has assured investors that it would be able to raise enough funds from the market. The firm, however, remained neutral on the sector as the faster loan growth could help offset the negative impact from OPR cuts.

Source: The Star September 04, 2020 00:00 UTC