KUALA LUMPUR – Bursa Malaysia erased gains made last Friday to open lower today on profit-taking following the overnight pullback on Wall Street, an analyst said.
At 9.15am, the FTSE Bursa Malaysia KLCI narrowed 2.56 points to 1,463.24 from last Friday’s close of 1,465.80.
The benchmark index opened 2.02 points lower at 1,463.78.
On the broader market, losers led gainers 255 to 120, while 224 counters were unchanged, 1,697 untraded and 26 others suspended.
Turnover stood at 204.87 million units worth RM85.73 million.
The ringgit opened on a stronger note against the US dollar today on renewed buying interest, ahead of the US Federal Reserve’s (Fed) meeting on July 27-28, said an analyst.
At 9am, the local currency rose to 4.4510/4535 versus the greenback from last Friday’s close of 4.4515/4545.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the meeting would be the centre of gravity as the Fed might increase the federal funds rate between 75 and 100 basis points. – Bernama, July 25, 2022
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