KUALA LUMPUR – Bursa Malaysia reversed to a downtrend momentum after three straight days of gains amid weaker oil prices and cautious sentiments due to the rising number of Covid-19 cases.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 3.5 points to 1,604.88 compared with Friday’s close of 1,608.38.
The barometer index opened 0.27 of a point weaker at 1,608.11.
The overall market breadth was weaker with losers outpacing gainers 270 to 200, while 350 counters were unchanged, 1,339 untraded and seven others suspended.
Total volume stood at 406.58 million shares worth RM200.76 million.
Meanwhile, the ringgit gained some breathing room today as US Treasury yields and dollar volatility eased, with the local currency opening slightly lower against the US dollar in the morning session.
At 9.02am, the local unit stood at 4.1270/1320, marginally lower against 4.1250/1290 at Friday’s close.
Axi chief global markets strategist Stephen Innes said forex traders are expected to monitor the movement of oil prices amid China waning credit impulse as catalyts for trading, as the US Federal Reserve is in the communications blackout period ahead of the Federal Open Market Committee meeting scheduled for April 28. – Bernama, April 19, 2021
