Bursa firm for second consecutive day, ringgit climbs against dollar

KUALA LUMPUR – Bursa Malaysia opened higher for the second consecutive day, tracking gains on Wall Street as traders became more confident about inflation cooling down in the United States and the effectiveness of the Federal Reserve’s previous rate hikes, said a dealer.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased by 1.99 points to 1,489.86 from yesterday’s close of 1,487.87.

The market bellwether opened 0.70 point firmer at 1,488.57.

In the broader market, gainers surpassed decliners 164 to 130, while 274 counters were unchanged, 1,634 untraded and 12 others suspended.

Turnover amounted to 308.13 million units worth RM171.92 million.

Meanwhile, the ringgit extended its uptrend versus the US dollar by opening higher this morning, as demand for the local note improved after the just-released November 2022 unemployment data painted a positive economic outlook, an analyst said.

At 9am, the local note rose to 4.3630/3680 against the greenback from yesterday’s close of 4.3700/3725. – Bernama, January 12, 2023