KUALA LUMPUR – Bursa Malaysia opened marginally higher as markets turned volatile following the United States Federal Reserve’s aggressive interest-rate stance, and the surge in oil prices due to supply shortage concerns arising from the Russia-Ukraine conflict, analysts said.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.35 of-a-point higher at 1,591.22 from 1,590.88 at yesterday’s close.
The market bellwether opened 2.80 points better at 1.593.68.
On the broader market, gainers inched past losers 174 to 124, while 190 counters were unchanged, 2,321 untraded, and 45 others suspended.
Total turnover stood at 98.32 million worth RM10.20 million.
Rakuten Trade Sdn Bhd vice-president of Equity Research Thong Pak Leng expects the index to hover within the 1,580-1,600 range today due to the prevailing market volatility.
“Meanwhile, profit-taking activities saw crude palm oil price declining to around RM6,500 per tonne, while oil benchmark Brent crude closed past the US$106 per barrel as fears on the supply side escalate,” Thong said.
On a separate development, the ringgit opened flat versus the US dollar today despite oil prices surging amidst Russian supply concerns.
At 9.20am, the local currency was unchanged at 4.1945/1980 versus the greenback from yesterday’s close. – Bernama, March 18, 2022
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