Bursa and ringgit return from a day’s break to rebound strongly
Published on: Thursday, February 02, 2023
By: FMT Business
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Kuala Lumpur: Bursa Malaysia and the ringgit returned from a day’s break to recover losses from early in the week.
On the local bourse, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened 3.32 points higher at 1,488.82 points before adding another 2.61 points to settle at 1,491.43 five minutes into the day’s trading session.
The index closed at 1,485.50 on Tuesday. The market was closed yesterday for the Federal Territories Day holiday.
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A dealer attributed the strong rebound to bargain hunting activities.
A less aggressive stance on interest rate in the US also gave the ringgit a boost. It opened the day’s trading at 4.2280/4.2350 to the greenback, compared with 4.2655/4.2700 at Tuesday’s close.
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The US Federal Reserve announced yesterday that it would raise the interest rate by 25 basis points (bps) to the 4.5%-4.75% range, signalling a tail end to that its aggressive rate hike cycle.
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