KUALA LUMPUR – Bursa Malaysia was slightly higher in early trade today, reversing yesterday’s downtrend as market sentiment improves on hopes for stimulus packages in the United States and China, coupled with a decline in new Covid-19 cases locally.
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI added 0.44 of a point to hit 1,493.44 from 1,493.0 at yesterday’s close.
The index opened 0.15 of a point better at 1,493.15.
Malaysia’s daily virus tally yesterday dropped to 15,764 from 17,150 on Sunday.
The ringgit, too, saw a marginal rebound, lifted by higher oil prices.
At 9.10am, the local note stood at 4.2220/2250 versus the greenback from 4.2240/2255 at the close yesterday.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim told Bernama that Brent crude rose despite investors weighing the risk to consumption posed by the spread of the Delta Covid-19 variant.
“Nevertheless, the ringgit is expected to largely face downward pressure amid the heightened number of infections, while investors are closely monitoring the country’s political developments.” – Bernama, August 3, 2021
