Bursa opens lower, ringgit sinks to 24-year low vs US dollar

KUALA LUMPUR – Bursa Malaysia opened lower today, tracking Wall Street’s weaker performance as concerns over higher interest rate hikes by the US Federal Reserve continue to weigh on sentiment, a dealer said.

At 9.12am, the benchmark FTSE Bursa Malaysia KLCI shed 3.26 points to 1,485.01 from yesterday’s close of 1,488.27.

The benchmark index opened 2.25 points weaker at 1,485.92.

On the broader market, losers surpassed gainers 235 to 102, while 202 counters were unchanged, 1,735 untraded, and eight others suspended.

Turnover stood at 206.53 million units worth RM83.36 million.

The ringgit opened at its lowest level versus the US dollar since the Asian financial crisis back in 1998, as more investors shifted to safe havens due to the uncertain global economic outlook.

At 9.01am, the local currency fell to 4.5010/5035 against the greenback from yesterday’s close of 4.4970/4500. – Bernama, September 7, 2022