KUALA LUMPUR – Bursa Malaysia opened firmer but turned easier thereafter in morning trading today, as the key index was weighed down by selling in banking heavyweights led by Maybank and Public Bank.
At 9.05am, the benchmark FBM KLCI eased 2.04 points, or 0.13%, to 1,582.89 from 1,584.93 at Friday’s close.
The key index opened 2.58 points higher at 1,587.51.
Market breadth, however, was positive, as overall market sentiment was buoyed by the arrival of the first batch of the Pfizer-BioNTech Covid-19 vaccines yesterday.
On the broader market, gainers led losers 404 to 219, while 323 counters were unchanged, 1,250 untraded and nine others suspended.
Total volume stood at 807.75 million units worth RM308.36 million.
Meanwhile, the ringgit opened higher against the US dollar, as the greenback retreated on the back of improved riskier asset demand with the progress in Covid-19 vaccination efforts, dealers said.
At 9.00am, the local currency stood at 4.0360/0420 against the US dollar from Friday’s close of 4.0380/0430.
Axi chief global market strategist Stephen Innes said the ringgit, however, is expected to continue trading in a tight range.
He said this is supported by steady crude oil prices which traded over US$60 per barrel, but would be kept in check by rising US yields.
The local note traded mixed against other major currencies.
It fell against the Singapore dollar to 3.0502/0559 from 3.0489/0534 Friday and depreciated against the British pound to 5.6649/6738 from 5.6488/6566.
It was up vis-à-vis the euro to 4.8932/9021 from 4.8993/9062 and rose against the yen to 3.8263/8324 from 3.8315/8366 previously. – Bernama, February 22, 2021
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