Bursa opens mixed ahead of OPR decision

KUALA LUMPUR – Bursa Malaysia opened mixed on cautious sentiments ahead of Bank Negara Malaysia’s interest rate decision today.

At 9.13am, the benchmark FTSE Bursa Malaysia KLCI inched down by 1.30 points to 1,453.36 from yesterday’s closing of 1,454.66.

The key index opened 0.16 points higher at 1,454.82.

However, market breadth was positive with gainers surpassing decliners 176 to 137, while 227 counters were unchanged, 1,703 untraded and 21 others suspended.

Turnover amounted to 211.81 million units worth RM98.23 million.

Meanwhile, the ringgit opened marginally higher against the US dollar today, recovering from its sharp fall yesterday after the greenback surged due to the likelihood of the US Federal Reserve raising the interest rate. 

At 9am, the local note stood at 4.5190/5235 versus the greenback compared with yesterday’s closing rate of 4.5230/5265.

SPI Asset Management managing director Stephen Innes suggested that the ringgit might have recovered some lost ground.

“But investors will remain extremely cautious regardless of what side of equilibrium the ringgit ends the day,” he said. – Bernama, March 9, 2023