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Bursa opens slightly higher on mild bargain hunting

Meanwhile, ringgit climbs against US dollar over expected economic recovery

Updated 5 years ago · Published on 08 Jun 2021 9:30AM

Bursa opens slightly higher on mild bargain hunting — Malaysia’s declining Covid-19 numbers and its accelerated vaccine roll-out are boosting the prospects of a full economic reopening, which should be supportive for the ringgit, says ActivTrades trader Dyogenes Rodrigues Diniz. – The Vibes file pic, June 8, 2021

KUALA LUMPUR – Bursa Malaysia opened marginally higher today as mild bargain hunting emerged, interspersed with profit-taking activities.

At 9.03am, the benchmark FTSE Bursa Malaysia KLCI rose 0.69 of-a-point or 0.04%, to 1,579.14 from 1,578.45 at Friday’s close.

The index opened 2.99 points higher at 1,581.44.

The ringgit opened higher against the US dollar today on the back of the expectation of an economic recovery as new Covid-19 cases showed a downtrend, a dealer said.

At 9.01am, the local currency rose to 4.1180/4.1205 against the greenback from Friday’s close of 4.1275/1285.

ActivTrades trader Dyogenes Rodrigues Diniz said the flattening daily Covid-19 cases in Malaysia over the past few days, coupled with an acceleration in the vaccine roll-out in the country, are boosting the prospects of a full reopening of its economy, which should, in turn, be supportive for the ringgit. – Bernama, June 8, 2021