KUALA LUMPUR – The ringgit opened lower against the US dollar as the greenback stayed firm, driven by a jump in US Treasury yield amid uncertainties surrounding the United States (US) debt ceiling talks, said an analyst.
At 9am, the local note stood at 4.5790/5820 versus the greenback from yesterday’s closing rate of 4.5700/5750.
Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the US government debt ceiling continued to take the limelight as the politicians have yet to come to an agreement on raising the debt limit, failing which could result in a default in debt obligation.
Meanwhile, Bursa Malaysia rebounded slightly from yesterday’s losses to open marginally higher supported by renewed buying in selected heavyweights.
At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased slightly by 0.24 of-a-point to 1,411.78 from 1,411.54 at yesterday’s close.
The barometer index opened 0.18 of-a-point weaker at 1,411.36.
However, the broader market saw decliners surpassing advancers 185 to 157, while 244 counters were unchanged, 1,672 untraded and 14 others suspended.
Turnover stood at 236.06 million units worth RM110.98 million. – Bernama, May 24, 2023
