KUALA LUMPUR – Bursa Malaysia continued last Friday’s upward momentum, tracking the performance of its Asian peers over optimism on the United States’ US$1.9 trillion (RM7.7 trillion) stimulus package and higher crude oil prices.
At 9.04am, the benchmark FTSE Bursa Malaysia KLCI rose 12.39 points to 1,612.61 from 1,600.12 at Friday’s close.
The key index opened 7.36 points higher at 1607.48.
On the broader market, gainers outpaced losers 503 to 89, while 277 counters were unchanged, 1,303 untraded and eight suspended.
Total volume stood at 541.16 million units worth RM214.05 million.
The ringgit, meanwhile, opened lower versus the US dollar on the strengthening greenback due to rising US Treasury yields that continue to test cross-asset risk sentiment.
At 9am, the local currency slipped to 4.0750/0780 against the US dollar from 4.0720/0760 at Friday’s close.
Axi chief global market strategist Stephen Innes said the US employment report revealing a stronger-than-expected jobs recovery last month, with a positive outlook for US gross domestic product growth this year, led to the weaker ringgit. – Bernama, March 8, 2021
