KUALA LUMPUR: Bursa Malaysia opened slightly higher today but quickly retreated while the ringgit gave up yesterday’s gains to open lower against the US dollar over fears of more rate hikes by the US Federal Reserve (Fed) following the strong economic showing in the US.
At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.33% or 4.86 points to 1,463.49 from yesterday’s closing of 1,468.35.
The market bellwether opened 0.81 points better at 1,469.16.
On a broader market, decliners surpassed advancers 250 versus 116, while 212 counters were unchanged, 1,691 untraded and 13 others suspended.
Turnover stood at 251.54 million units worth RM110.07 million.
The ringgit retreated from yesterday’s gains to open lower against the US dollar today due to the lack of interest in the local currency as the greenback strengthened on the possibility of another interest rate hike by the US Federal Reserve, a dealer said.
At 9.05am, the local note was traded at 4.4300/4.4380 against the greenback from yesterday’s close of 4.4215/4.4255.