Bursa still on a roll but ringgit stages retreat
Published on: Friday, February 03, 2023
By: FMT Business
Kuala Lumpur: Bursa Malaysia rode on the upbeat sentiment on Wall Street to usher in the new day on a positive note but the ringgit lost its momentum to retreat against the US dollar when the markets opened today.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened the day’s trading session at 1,490.56, edging up just 0.76 of a point from yesterday’s close of 1,489.80.
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Just six minutes later, it gained another 2.05 points to settle at 1,492.61, a sign that buying interest could return to local stocks, dealers said.
On the other hand, the dovish sentiment in the EU and UK helped to strengthen the US dollar against the ringgit.
At 9am, the ringgit eased to 4.2580/4.2640 against the greenback from yesterday’s close of 4.2445/4.2490.
Yesterday, the European Central Bank and the Bank of England announced interest rate hikes of 50 basis points each.
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