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KUALA LUMPUR – The ringgit opened higher against the greenback for the third consecutive trading day on expectation that the United States Federal Reserve’s open market committee would downshift interest rate hikes from 50 basis points to 25 basis points at its meeting next week, said an analyst.
At 9am, the local note further appreciated to 4.2510/2600 against the US dollar from Wednesday’s closing of 4.2575/2625.
Meanwhile, Bursa Malaysia opened lower today, trading in cautious mode following the lacklustre performance on Wall Street overnight.
In the US, stocks ended flat overnight as investors assessed the latest batch of corporate results and ahead of the release of critical economic data, dealers said.
At 9.07am, the benchmark FTSE Bursa Malaysia KLCI shed 2.66 points to 1,496.79 from Wednesday’s close of 1,499.45.
The market bellwether opened 2.04 points lower at 1,497.41.
In the broader market, gainers led decliners 170 to 127, while 244 counters were unchanged, 1,689 untraded and 37 others suspended.
Turnover amounted to 160.20 million units worth RM69.25 million. – Bernama, January 26, 2023