KUALA LUMPUR – Bursa Malaysia opened higher today, tracking better overnight performance on Wall Street, with investor sentiment buoyed by positive United States economic data.
A survey by the Institute for Supply Management yesterday showed activity in the US services industry reaching its highest level on record last month, following the country’s positive jobs report on Friday that beat forecasts with 916,000 added positions.
At 9.09am, the benchmark FTSE Bursa Malaysia KLCI gained 1.65 points to 1,585.89 from yesterday’s close of 1,584.24.
The index opened 4.03 points higher at 1,588.27.
On the broader market, gainers led losers 290 to 174, while 358 counters were unchanged, 1,309 untraded and nine suspended.
Total volume stood at 538.44 million shares worth RM198.43 million.
The ringgit, too, opened higher against the US dollar, lifted by buying support for the local currency, while the greenback is weakening through the global risk-on channel as foreign exchange traders sell the note and put more money to work outside the US.
This follows the sinking of the dollar to an almost two-week low versus a basket of its peers, moving in tandem with retreating Treasury yields from recent peaks despite signs of a robust economic recovery.
The dollar index declined to its lowest level since March 25, slipping further in early Asian trading following a 0.4% decline yesterday.
At 9.04am, the ringgit stood at 4.1330/1370 against the dollar from 4.1400/1450 at the close yesterday. – Bernama, April 6, 2021
