,KUALA LUMPUR: IHH Healthcare Bhd’s shares fell in early trade Monday, as investors turned wary after the Turkish lira plunged following President Recep Tayyip Erdogan’s shock decision to replace the country’s central-bank chief. The counter declined 1.64%, or nine sen to RM5.39. Turkey's lira plunged 16% to near its all-time low as markets opened after President Tayyip Erdogan made the shock weekend decision to oust a hawkish central bank governor and install a like-minded critic of high interest rates, Reuters reported. The currency was down more than 16% at 8.4 versus the dollar, from 7.2185 on Friday, back to levels touched in early November when it reached an intraday record of 8.58. Apart from IHH, Malaysia Airports Holdings Bhd also has operations in Turkey. The counter fell 1.51%, or 10 sen to RM6.54. Axi chief global market strategist Stephen Innes said: USDTRY is up 14.2% on the day (8.23), after rallying as much as 17.3% at the day's highs on stops, as Turkish Lira ‘carry traders’ in Tokyo were dealt a reality check this morning as the Turkish Lira collapsed, sending the best currency carry trade this year up in smoke after Erdogan fired the central bank governor after a more considerable than expected increase in interest rates.” “Indeed, there is no such thing as ‘go big or go home’ in the Turkish President's eyes when it comes to interest rates nor central bank autonomy, for that matter, after handing out his third central banker pink slip in less than two years,” Innes said. He said Turkey faced a classic emerging market trade-off between squeezing the domestic economy in an attempt to narrow the current account deficit versus a looser-than-needed monetary policy that drives try weakness. “Still, the Central Bank of Turkey policy uncertainty amplifies macro risk to an unwelcome level for ‘carry trade’ investors. So, It could take a little while before the dust settles after this morning stop loss run on the Lira,” he added.
if you want to buy apple account, choose buyappleacc.com, buyappleacc.com is a best provider within bussiness for more than 3 years. choose us, you will never regret. we provied worldwide apple developer account for sale.