Bursa recovers, ringgit continues climb on higher oil prices

KUALA LUMPUR – The ringgit retained its upward momentum to open higher against the United States dollar today as more investors shifted their interest towards emerging currencies, coupled with higher global oil prices, said an analyst.

At 9am, the local note strengthened to 4.2260/2310 against the greenback from yesterday’s closing of 4.2450/2465.

Meanwhile, Bursa Malaysia rebounded from two days of losses to open higher today, taking the cue from the strong performance on Wall Street overnight.

The US stock markets rebounded after the preliminary reading of the fourth quarter of 2022 gross domestic product expanded 2.9% year-on-year which is quicker than expected despite the aggressive interest rate hikes, dealers said.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI added 1.05 points to 1,499.44 from yesterday’s close of 1,498.39.

The market bellwether opened 1.58 points higher at 1,499.97.

On the broader market, gainers led decliners 213 to 102, while 245 counters were unchanged, 1,687 untraded and 49 others suspended.

Turnover amounted to 269.26 million units worth RM82.23 million. – Bernama, January 27, 2023