Ringgit opens higher, Bursa dips ahead of expected cabinet announcement

KUALA LUMPUR – The ringgit continued to open higher against the US dollar for the third consecutive day today following the release of the United States initial economic data that indicated inflation concerns, an analyst said.

At 9am, the local note rose to 4.3900/3995 against the US dollar from yesterday’s close of 4.4030/4100.

ActivTrades trader Dyogenes Rodrigues Diniz said the greenback continued to decline against the ringgit today and is now trading below the 4.4000 level following the release of the US core personal consumption expenditure price index – a key indicator of purchasing trends and inflation.

Meanwhile, Bursa Malaysia reversed two consecutive days of gains to open lower today as sentiments turned cautious ahead of the upcoming announcement on the cabinet line-up.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI weakened by 7.53 points to 1,483.98 from yesterday’s closing of 1,491.51.

The market bellwether opened 2.15 points better at 1,489.36.

There were 122 gainers and 169 losers on the broader market, while 274 counters were unchanged, 1,668 untraded and 14 others suspended.

Turnover stood at 150.82 million units worth RM572.58 million. – Bernama, December 2, 2022