KUALA LUMPUR – Bursa Malaysia opened marginally higher, tracking the overnight global market performance amid positive sentiment brought about by a series of positive updates from China, including the loosening of some Covid-19 restrictions that boosted investors’ confidence, said a dealer.
At 9.05am, the FTSE Bursa Malaysia KLCI was 2.0 points higher at 1,539.83 from Friday’s close of 1,537.83.
The benchmark index opened 0.91 points better at 1,538.74.
On the broader market, however, gainers led losers 152 to 133, while 258 counters were unchanged, 1,712 untraded and nine others suspended.
Turnover stood at 202.12 million units worth RM67.43 million.
The ringgit reversed its gains against the US dollar to open lower on Tuesday as the latter firmed up as bets for further interest rate hikes continue.
At 9.02am, the local currency eased to 4.3950/3975 versus the US dollar from last Friday’s close of 4.3870/3910.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the latest print for Nonfarm Payroll suggested that the state of the US economy remains positive with total jobs created standing at 390,000 in May, exceeding consensus estimates of 328,000, hence, the US dollar is gaining against all major currencies such as the euro, British pound and yen.
“As such, dollar-ringgit should remain at around RM4.39 today while the focus this week would be on the European Central Bank meeting on Thursday, as well as the US Consumer Producer Index for May with consensus estimates lingering around 8.2% (April: 8.3%),” he said. – Bernama, June 7, 2022
