KUALA LUMPUR, July 3 — While the government, economists and domestic financial industry laud the recent credit ratings upgrade by Fitch, retail investors Malay Mail spoke to were generally indifferent to the ratings and outlook adjustment.

Retired civil servant who wanted to be known only as Ng, 79, said when the ringgit opened higher against the US dollar on Wednesday, he was not in a hurry to celebrate it. The ringgit closed at RM3.767 against the US dollar on Wednesday, up slightly from RM3.752 prior to the change in ratings.

“This is only temporary, probably due to the upgrade in the country’s ratings by Fitch,” said Ng, who dabbles in banking stocks, among others.

“But, with several economic problems developing around the world, especially in Greece, we can’t expect too many good news soon,” he added.

In fact, Ng said fellow retail investors are also expecting some negative news come September.

He cited, for instance, the US Federal Reserve is going to raise the interest rate.

“It was supposed to come into effect in June, but was postponed. After the raise, we will see how our stock market fare.” .

Another retail investor known only as Lim, 52, said the local currency may fall to RM4 against the US dollar by year-end.

“This new development might be a happy teaser for some, but don’t expect this to be an uphill trend.

“I feel the fall in currency value was allowed to boost our export trade, as it would be cheaper for people to buy from us, and thus, creating higher inflow of revenue,” he said.

Meanwhile, risk engineer Walter Lee Ik Ming, 25, said the appreciation of the ringgit did not make much difference.

“A few months ago, the local currency fared much better. This week’s appreciation is very small in comparison, our currency exchange needs more improvement,” Lee said.

“Some even say that the country’s political affairs play a pivotal role in the ups and downs of the ringgit.”

Financial planner I.R. Selvah said the downtrend image of Malaysian politics will affect the currency negatively.

“I think the ringgit will slide further due to the negative publicity surrounding the Malaysian politics, especially problems surrounding money politics.

“With some pertinent questions unanswered, Malaysians and foreign investors alike, are at a loss as to which direction to take and trust,” Selvah said.

Naysayers aside, there were those who looked at the stock exchange’s development positively, and praised the Prime Minister Datuk Seri Najib Razak for setting certain issues straight.

“When Fitch Ratings revised the Malaysian economy outlook from negative to stable, this boosted the stock market,” said teacher-cum-investor Malik Syam Latiff, 26.

“This would possibly give a positive impact for more foreign investors to invest in Malaysia and for the ringgit to, eventually, gain strength.

“This is made possible most probably because the Prime Minister had taken measures to improve Malaysia’s name, economy, and also took action on the 1MDB matter.”