Bursa opens lower but turns higher as Wall Street rallies

KUALA LUMPUR – Bursa Malaysia opened lower but turned higher thereafter as Wall Street staged a relief rally as crude oil declined amid a highly volatile market, notwithstanding the imminent interest rate hike by the US Federal Reserve, said an analyst.

At 9.13am, the benchmark FTSE Bursa Malaysia KLCI gained 1.38 points to 1,558.79 from 1,557.41 at yesterday’s close.

The index opened 3.15 points lower at 1,554.26.

On the broader market, gainers surpassed losers 305 to 104, while 183 counters were unchanged, 1,719 untraded and 14 others suspended.

Turnover stood at 190.26 million units worth RM123.38 million. – Bernama, March 16, 2022