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KUALA LUMPUR – The ringgit traded easier against the US dollar at the opening today, as China’s lower-than-expected GDP data appeared to be the excuse for the weaker ringgit, said an analyst.
At 9.10am, the local note was traded at 4.5400/5425 against the greenback compared with 4.5340/5405 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the close correlation between the Chinese yuan and the ringgit seemed to be taking shape as weak China data points had a spillover effect on the Malaysian economy.
Meanwhile, Bursa Malaysia opened slightly higher today, taking its cue from positive Wall Street performance as traders remained optimistic that the US Federal Reserve might be less aggressive with rate adjustments during the Federal Open Market Committee’s meeting next week, a dealer said.
At 9.06am, the FBM KLCI rose 0.04 of-a-point to 1,406.14 from 1,406.10 at yesterday’s close.
The key index opened 1.44 points firmer at 1,407.54.
The broader market was positive as advancers beat decliners 146 to 144, while 255 counters were unchanged, 1,741 untraded, and 14 others suspended.
Turnover stood at 237.03 million units worth RM81.68 million. – Bernama, July 18, 2023