KUALA LUMPUR – Bursa Malaysia rebounded from yesterday’s losses to open higher today, tracking the gains on the overnight Wall Street led by its technology stocks, after US President Joe Biden signed into effect the US$1.9 trillion (RM7.7 trillion) stimulus bill, dealers said.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) improved 1.06 points to 1,630.47 from yesterday’s close of 1,629.41.
The key index opened 1.18 points better at 1630.59.
On the broader market, gainers outpaced losers 426 to 153, while 330 counters were unchanged, 1,295 untraded, and 18 others suspended.
Total volume stood at 521.23 million units worth RM202.38 million.
The ringgit opened slightly lower against the US dollar today despite closing 200 basis points (bps) better yesterday, tracking the emerging market currency movement due to improved risk appetite for the Chinese yuan and an easier greenback.
At 9am, the local note was traded at 4.1070/1150 against the US dollar from 4.1050/1100 at yesterday’s close.
Axi chief global market strategist Stephen Innes said although sentiments should improve for the ringgit, the situation seemed volatile as investors are cautious ahead of the US Federal Open Market Committee meeting on March 16 to 17.
He said moving forward today, the ringgit should trade favourably higher in line with firmer oil prices, aside tracking the Chinese yuan.
Meanwhile, the ringgit was traded mostly lower against other major currencies.
It dipped against the Singapore dollar to 3.0647/0714 from 3.0637/0681 yesterday but was higher against the Japanese yen at 3.7807/7891 from 3.7841/7894.
The ringgit fell versus the British pound to 5.7482/7598 from 5.7261/7339 and eased against the euro to 4.9218/9318 from 4.9108/9176. – Bernama, March 12, 2021
