Bursa Malaysia rebounds in early trade today

KUALA LUMPUR – Bursa Malaysia rebounded to open higher today, supported by renewed buying in selected heavyweights in line with positive sentiment on regional markets, a dealer said.

At 9.07am, the FTSE Bursa Malaysia KLCI rose 5.22 points to 1,446.46 from yesterday’s close of 1,441.24.

The benchmark index opened 2.06 points higher at 1,443.30.

Market breadth was positive with gainers leading losers 196 to 98, while 200 counters were unchanged, 1,781 untraded and 19 others suspended.

Turnover stood at 130.05 million units worth RM54.57 million.

Meanwhile, the ringgit opened marginally higher against the US dollar today despite fragile market sentiments over expectations of an aggressive monetary tightening by the United States Federal Reserve that would take a toll on the economy, said a dealer.

At 9am, the local currency traded at 4.3970/4015 against the greenback from yesterday’s close of 4.3985/4015.

Bank Islam chief economist Mohd Afzanizam Abdul Rashid said talks of a possible recession would also make market participants to remain defensive, leading to higher demand for the safe-haven currencies. – Bernama, June 21, 2022