Turkey crisis: Limited impact on M’sian companies
Stephanie Jacob | 17 Aug 2018 00:30
Turkey’s currency crisis dragged down the share price of several FBM KLCI constituent companies over the past week. As the Turkish lira tumbled, Malaysian firms with significant operations in that country felt the fallout as investors sought to lessen their exposure to the economic uncertainty there.
The three companies hit are private healthcare provider IHH Healthcare Bhd, airport operator Malaysia Airports Holdings Bhd (MAHB) and power utility company Tenaga Nasional Bhd (TNB).
All three fell in varying degrees due to investors’ concerns over how significantly the lira’s depreciation is going to affect their bottom lines.
Since the start of August, the lira has fallen 21% against the US dollar and 17.4% against the ringgit, as of Aug 15.
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