Bursa opens lower, tracking Wall Street performance

KUALA LUMPUR – Bursa Malaysia extended its downtrend from last week’s losses to open lower today, tracking weaker performance on Wall Street after the US posted higher inflation data, a dealer said.

At 9.10am, the FTSE Bursa Malaysia KLCI fell 14.78 points to 1,479.17 from Friday’s close of 1,493.95.

The benchmark index opened 10.19 points lower at 1,483.76.

On the broader market, losers thumped gainers 496 to 55, while 204 counters were unchanged, 1,519 untraded and 21 others suspended.

The ringgit opened lower against the US dollar today as the greenback continued to strengthen on cautious sentiment ahead of the US Federal Reserve’s two-day meeting, a dealer said.

At 9am, the local currency fell to 4.4090/4130 versus the US dollar from Friday’s close of 4.4000/4030.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit is expected to remain weak today as the Federal Open Market Committee members will likely maintain a hawkish stance when it meets on June 14 and 15. – Bernama, June 13, 2022