Ringgit opens flat, Bursa dips due to concerns about US economy

KUALA LUMPUR – The ringgit opened flat against the US dollar today as the greenback continued to strengthen with the emergence of risk-averse sentiments, an analyst said.

As of 9am, the local note stood at 4.3930/3995 against the US dollar from 4.3930/3990 at yesterday’s close.

Meanwhile, Bursa Malaysia was lower in the early trade today, taking its cue from the weak Wall Street performance overnight as traders are concerned about a potential hard landing for the United States economy amid fresh recessionary fears.

At 9.25am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 3.21 points to 1,468.34 from yesterday's closing of 1,471.55. The market bellwether opened 0.09 of a point easier at 1,471.46.

On the broader market, losers surpassed gainers at 313 versus 162, while 303 counters were unchanged, 1,477 untraded and 10 others suspended.

Turnover stood at 416.46 million units worth RM184.16 million. – Bernama, December 7, 2022