KUALA LUMPUR – Bursa Malaysia opened marginally higher today, buoyed by bargain-hunting activities after the recent selldown which was triggered by global market uncertainties, a dealer said.
At 9.15am, the benchmark FTSE Bursa Malaysia KLCI rose 0.94 of-a-point to 1,387.76 from yesterday’s close of 1,386.82.
The benchmark index opened 1.46 points higher at 1,388.28.
On the broader market, gainers surpassed decliners 166 to 109, while 208 counters were unchanged, 1,875 untraded and 17 others suspended.
The ringgit opened flat against the US dollar this morning as investors await further market catalysts ahead of guidance from the US Federal Open Market Committee (FOMC) meeting minutes, said a dealer.
At 9am, the local currency stood at 4.6720/6760 against the greenback from yesterday’s close of 4.6720/6745.
ActivTrades trader Dyogenes Rodrigues Diniz said the FOMC meeting minutes would provide guidance on the next monetary policy move by the US Federal Reserve.
In a note today, he said that the US producer price index data, scheduled to be released tomorrow, may also give further clues on the pace of inflation in the US.
“From the technical point of view, the US dollar/ringgit is currently in an important resistance region; there are signs that buying interest is tailing off and a bearish pullback could start soon,” he added.
Meanwhile, the ringgit traded mostly higher against a basket of major currencies.
The local note climbed against the British pound to 5.1261/1305 from 5.1607/1635 at yesterday’s close, gained versus the Singapore dollar to 3.2469/2502 from 3.2472/2491 and appreciated against the Japanese yen to 3.1976/2005 from 3.2059/2079 previously.
However, it slipped vis-a-vis the euro to 4.5337/5376 from 4.5314/5338 yesterday. – Bernama, October 12, 2022
