KUALA LUMPUR: A less aggressive stance on interest rate in the US gave the ringgit some breathing space today, but Bursa Malaysia declined further as volatility in the global market performance overnight kept investors on the sidelines.
US Federal Reserve chair Jerome Powell’s announcement of a more moderate rise in the benchmark rate to 4.5% took the pressure off the ringgit, helping it to recover to 4.4110/4.4200 against the greenback compared with 4.4195/4.4260 at the close yesterday.
On the other hand, the FTSE Bursa Malaysia KLCI (FBM KLCI) started the day 5.37 points lower at 1,461.76. It closed at 1,467.13 yesterday.
However, 10 minutes later, it lost another 2.45 points to settle at 1,459.31, which is 0.53% down from yesterday’s close.
On the broader market, losers outpaced gainers by a wide margin. A total of 328 counters saw their share prices retreat while only 80 chalked up some gains.