KUALA LUMPUR – Bursa Malaysia rebounded from last week’s downtrend to open higher this morning as bargain-hunting emerged on the back of improved market sentiment.
At 9.06am, the benchmark FBM KLCI added 2.54 points to 1,497.14 from Friday’s close of 1,494.6.
The index opened 2.79 points higher at 1,497.39.
Meanwhile, the ringgit was lower amid lack of catalysts domestically.
At 9.14am, the local note eased to 4.2235/2265 versus the greenback from Friday's close of 4.2190/2220.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim opined that the ringgit will continue trading above 4.20 today and this week amid the heightened number of Covid-19 cases in the country despite the encouraging vaccination rates.
“Aside from that, there seems to be a lack of fresh catalysts in the market, causing downward pressure to continue towards the ringgit,” he told Bernama. – Bernama, August 2, 2021
