Bursa gets a bearish start but ringgit stays flat

Bursa gets a bearish start but ringgit stays flat

Economic concerns keeping investors away.

KUALA LUMPUR:
Performance on Wall Street remained weak for another day yesterday amid new fears of recession, leading to a bearish start for Bursa Malaysia in early trading today.

The ringgit, on the other hand, opened flat against the US dollar as the greenback strengthened with the emergence of risk-averse sentiments.

At 9am, the local currency stood at 4.3930/4.3995 against the US dollar from 4.3930/4.3990 at yesterday’s close.

An analyst said that Wall Street traders also stayed away on concerns about a potential hard landing for the US economy.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) started the day at 1,471.46, just 0.09 of a point below yesterday’s close of 1,471.55.

But by 9.25am, the market bellwether had lost a total of 3.21 points to 1,468.34.

However, things were more positive on the broader market, as gainers outpaced losers 313 to 162.

The turnover stood at 416.46 million units worth RM184.16 million.

 

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