KUALA LUMPUR – Bursa Malaysia opened higher today, rebounding from two days of losses, despite weaker overnight performance on Wall Street.
United States equities pulled back from the prior session’s record closing highs as investors are cautious about upcoming quarterly earnings reports, while awaiting the Federal Reserve’s economic outlook.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI gained 6.47 points to 1,585.38 from yesterday’s close of 1,578.91.
The index opened 5.47 points higher at 1,584.38.
On the broader market, gainers led losers 207 to 185, while 311 counters were unchanged, 1,429 untraded and 10 suspended.
Meanwhile, the ringgit maintained its upward momentum against the US dollar at the opening for a second consecutive day, continuing to gain traction from lower US yields.
If not for lower crude prices – currently at US$62.66 (RM258.37) per barrel, down by 0.13% – the local note could attain higher buying support.
At 9.02am, the ringgit stood at 4.1220/1270 versus the greenback from 4.1300/1330 at yesterday’s close.
Axi chief global market strategist Stephen Innes said the local currency remains mired between the competing forces of softer US yields and lower oil prices. – Bernama, April 7, 2021
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