KUALA LUMPUR – Bursa Malaysia retreated from yesterday’s close to open lower this morning as the market’s tone turned slightly cautious ahead of Bank Negara Malaysia’s announcement on Malaysia’s economic performance for the fourth quarter of 2020.
At 9.05am, the benchmark FBM KLCI lost 1.30 points to 1,595.55 from 1,596.85 at yesterday’s close.
The index kick-started trading 5.34 points better at 1,602.19.
Market breadth was negative with losers outpacing gainers 224 to 194, while 237 counters were unchanged, 1,493 untraded and 14 others suspended.
Total volume stood at 204.39 million units worth RM91.94 million.
Meanwhile, the ringgit opened easier against the US dollar, retreating from previous gains on lack of buying interest, dragged by softer crude oil prices, said an analyst.
At 9.03am, the local note traded at 4.0450/0550 against the greenback compared with yesterday’s close of 4.0420/0460.
Speaking to Bernama, Axi chief global market strategist Stephen Innes said he expects there would be limited foreign flows or trading in Malaysia’s assets among offshore banks due to the Chinese New Year holiday beginning Friday.
“So the foreign exchange (FX) market should be relatively quiet today as traders squared off their positions ahead of the long Chinese New Year (break),” he said.
The FX market will be closed tomorrow and trading will resume on Monday. – Bernama, February 11, 2021
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