Bursa opens 2022 on weak note over Omicron fears

KUALA LUMPUR – Bursa Malaysia kicked off 2022 on a weak note as market sentiment was clouded by the latest development pertinent to Omicron amid profit-taking following its recent volatility.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 17.77 points to 1,549.76 after the key index closed at 1,567.53 on Friday.

The index opened 13.89 points lower at 1,553.64.

Meanwhile, the ringgit opened marginally easier against the United States dollar on the first trading day of 2022, amid easing concerns over the Covid-19 Omicron variant, said analysts. 

At 9am, the local note traded slightly lower at 4.1690/1720 versus the US dollar from 4.1650/1680 at Friday’s close.

According to MIDF Research, although the ringgit closed higher on Friday, with the strongest level in 1.5 months, also drawing support from the increase in oil prices, the local note ended the year 3.5% weaker as growing expectations for policy changes by the US Federal Reserve drove higher demand for the greenback. – Bernama, January 3, 2022