KUALA LUMPUR – Bursa Malaysia rebounded from last week’s losses to open firmer today, as investors heave a sigh of relief after learning that most businesses and factories are allowed to operate under the tightened movement control order 3.0 (MCO 3.0).
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.34 points, or 0.21%, firmer at 1,565.51 from 1,562.17 at Friday’s close.
The index opened 1.61 points better at 1,563.78.
On the broader market, gainers outpaced losers 353 to 120, while 251 counters were unchanged, 1,478 untraded and 19 others suspended.
Total volume stood at 328.47 million worth RM148.83 million.
Meanwhile, the ringgit opened almost flat against the US dollar today as a lack of market moving news resulted in most investors remaining on the sidelines, a dealer said.
At 9.05am, the local currency was traded at 4.1390/1450 against the US dollar from Friday’s close of 4.1390/1430.
Kenanga Research said the local currency is expected to trade in a volatile range of between 4.116 and 4.158 level this week amid the announcement of tighter MCO 3.0 measures starting tomorrow.
“Despite the prospect of a weaker greenback, worsening domestic Covid-19 situation and oil market uncertainty may cause investors to shy away from the local forex market.
“However, expectations of continued strong Malaysia trade performance should help support the ringgit,” it said in a research note today.
Meanwhile, the local note was traded higher against other major currencies.
The ringgit rose against the Singapore dollar to 3.1076/1123 from Friday’s close of 3.1099/1141 and strengthened vis-a-vis the British pound to 5.8538/8639 from 5.8832/8897 previously.
The local currency went up against the euro to 5.0409/0499 from 5.0595/0656 on Friday and appreciated against the yen to 3.7983/8041 from 3.8074/8118 at Friday’s close. – Bernama, May 24, 2021
