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Stock market crashes, currency collapses, rice prices surge in Myanmar

2021-February-5       Source: CCTV.com

The outlook for Myanmar's future still hangs in the balance. Myanmar-listed shares took a pounding on Wednesday in the wake of the military control of the government eliciting a state of emergency for one year.

The outlook for Myanmar's future still hangs in the balance.

Myanmar-listed shares took a pounding on Wednesday in the wake of the military control of the government eliciting a state of emergency for one year.

The Myanmar Stock Price Index shed 26.47, or 6 percent, to settle at 417.25 as compared to its previous close last Friday, marking the first time the closely watched index has languished below 420 since April 2020.

Subdued market sentiment lingers on. Myanmar investors, as a whole, hold the view that the stock market is likely to further lose ground and even slipped below 400 points.

Myanmar's currency value fell sharply on Wednesday, leaving the Kyat the worst performer against the U.S. dollar.

The country's central bank on the same day poured $6.8 million into the market to stimy the slippery slope of the Kyat exchange rate, ending the transaction at 1,415 Kyats to $1, while a barrage of people was spotted to sell off Kyats in exchange for other strong currencies.

The Myanmar currency opened at 1,414 kyats per dollar and turned up relatively stable performance at midday.

A blur of political stability forced the prices of daily necessities like onions and rice upward, while others have been relatively stable with sufficient reserves.

China-Myanmar border trade has been back on track on the heels of a short suspension on the morning of February 1.

Myanmar exporters expressed concern as to whether the previously stipulated export tax rebate rate of 2 percent can be followed through. The answer is coming soon.

Chinese-funded companies in Myanmar are operating normally and remaining intact from the unexpected political upheaval.

In addition, considering the mixed and self-contradictory messages going across the wire, Myanmar's Ministry of Transport and Communications announced that the country's access to Facebook will be temporarily shut down from Thursday through Sunday.

"Myanmar's growth outlook depends heavily on a pipeline of key infrastructure projects and foreign direct investment, which could be delayed or canceled altogether if sanctions are implemented and if foreign entities decide to pull the plug amid elevated political risks," according to Fitch cited by Nikkei Asia.

Source|CGTN

Editor: Fanny

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