Bursa opens slightly higher despite weaker Wall St performance

Bursa opens slightly higher despite weaker Wall St performance

Ringgit dips as investors remain cautious on global outlook

KUALA LUMPUR – Bursa Malaysia rebounded to open slightly higher today despite weaker performance on Wall Street overnight as investors digested weaker-than-expected economic data ahead of next week’s US Federal Reserve meeting.

At 9.10am, the FTSE Bursa Malaysia KLCI rose 1.29 points to 1,382.55 from 1,381.26 at Friday’s close.

The key index opened 0.84 of-a-point higher at 1,382.10.

The broader market was positive with advancers surpassing decliners 209 to 145, while 289 counters were unchanged, 1,600 untraded and 14 others suspended.

Turnover was 394.18 million units worth RM123.84 million.

Bursa Malaysia Bhd and its subsidiaries were closed on June 5, 2023, in conjunction with the birthday of Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.

The ringgit opened lower against the US dollar in the early session today as investors remain cautious on the global outlook despite a slightly weaker greenback, an analyst said.

At 9am, the local note fell to 4.5950/6000 versus the greenback compared with Friday’s closing of 4.5745/5785.

The market was closed yesterday for the Yang di-Pertuan Agong’s official birthday holiday.

SPI Asset Management managing director Stephen Innes said the US dollar was marginally weaker due to the lower-than-expected ISM Services purchasing managers index data and hopes of a softer interest rate hike by the US Federal Reserve.

– Bernama, June 6, 2023

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