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KUALA LUMPUR – The ringgit extended its upbeat momentum to open higher versus the US dollar today, supported by renewed buying interest in the currency and improved sentiment on China’s continued opening for international travel, said an analyst.
At 9am, the ringgit climbed to 4.2755/2805 against the greenback from Friday’s close of 4.2830/2875.
The market resumed trading today after taking a break on January 23 and 24 for the Chinese New Year holidays.
Meanwhile, Bursa Malaysia opened marginally higher today after the long weekend, taking the cue from US stocks which changed little on yesterday’s closing.
Investors are still digesting the Federal Reserve Bank of Richmond’s weak manufacturing index and a mixed set of earnings releases for market direction, dealers said.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI edged up 0.07 of-a-point to 1,500.40 from 1,500.33 at last Friday’s close.
The market bellwether opened 0.97 of-a-point better at 1,501.30.
In the broader market, gainers led decliners 205 to 94, while 232 counters were unchanged, 1,665 untraded and nine others suspended.
Turnover amounted to 110.87 million units worth RM55.52 million. – Bernama, January 25, 2023