KUALA LUMPUR – Bursa Malaysia opened marginally higher as market sentiment appears to improve, with five states moving into Phase 2 of the National Recovery Plan.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI rose 0.24 of a point to 1,533.59 from 1,533.35 at the close on Friday.
The market bellwether opened 0.69 of a point higher at 1,534.04.
On the broader market, gainers led losers 192 to 169, while 299 counters were unchanged, 1,513 untraded and nine suspended.
Meanwhile, the ringgit opened firmer against the United States dollar ahead of Bank Negara Malaysia’s monetary policy committee meeting on Thursday, during which the lender is expected to maintain the overnight policy rate (OPR) at 1.75% to support the economy.
At 9.03am, the local note rose to 4.1545/1580 versus the greenback from 4.1600/1650 at Friday’s close.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the anticipated OPR decision will likely signal that the economy does not require further monetary easing, especially with the US expected to hike rates earlier than expected. – Bernama, July 5, 2021
