Bursa opens slightly higher, reversing downtrend

KUALA LUMPUR – Bursa Malaysia reversed yesterday’s downtrend to open slightly higher today, thanks to mild buying support in the heavyweights, dealers said.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.07 of-a-point to 1,549.12 compared with 1,549.05 at yesterday’s close.

The index opened 1.87 points firmer at 1,550.92.

Meanwhile, the ringgit opened lower against the United States dollar today on better demand for the greenback as the US Treasury yields increased.

At 9 am, the local currency was traded at 4.1795/1825 against the greenback from 4.1715/1740 at yesterday’s close.

According to news reports, the rise in the US yields is a sign that the US dollar could extend last year’s rally as markets anticipate the US Federal Reserve would initiate a cycle of interest-rate increases this year. – Bernama, January 4, 2022