Bursa opens lower but turns higher, ringgit up

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. 

The ringgit improved at the opening of today’s trade, as the greenback retreated slightly.

At 9.06am, the local currency stood at 4.1995/2040 versus the greenback from 4.2050/2085 at yesterday’s close.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the greenback could be experiencing some correction after a sharp appreciation.

The US Dollar Index (DXY) declined 0.11% to 98.988 points. – Bernama, March 16, 2022