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KUALA LUMPUR – Bursa Malaysia retreated from its rebound last Friday to open lower today, taking its cue from Wall Street’s weaker performance.
Dealers said traders are cautious ahead of China’s rate decision and US Federal Reserve chair Jerome Powell’s upcoming testimony, waiting for clues on market direction.
At 9.07am, the FTSE Bursa Malaysia KLCI fell 7.67 points to 1,380.94 from 1,388.61 at last Friday’s close.
The key index opened 4.72 points lower at 1,383.89.
On the broader market, losers led gainers 171 to 133, while 242 counters were unchanged, 1,747 untraded and 25 others suspended.
Turnover was 130.70 million units worth RM68.30 million.
The ringgit opened marginally lower against the US dollar today amid ongoing cautious sentiments surrounding global growth.
At 9am, the local note fell to 4.6160/6205 against the greenback from 4.6130/6165 at the close last Friday.
Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said trading of the ringgit is expected to remain within a tight range today due to prevailing uncertainties on the US Federal Reserve’s fund rate. – Bernama, June 19, 2023