Bursa and ringgit begin the week in contrasting styles

Bursa and ringgit begin the week in contrasting styles

The local stock market extends its gains from last week but good news for the greenback adds pressure on the ringgit.

KUALA LUMPUR: Bursa Malaysia extended its good run from last week to start the day higher, but easing recession worries in the US added pressure on the ringgit.

The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.2 points just 10 minutes after the opening bell to settle at 1,434.16 points, compared with last Friday’s close of 1,431.04.

The benchmark index has opened 1.26 points firmer at 1,432.30 points.

However, strong jobs data in the US spurred demand for the greenback, leading to a weaker start for the ringgit.

The local note eased to 4.4370/4.4450 versus the US dollar at the start of trading, compared with last Friday’s closing rate of 4.4350/4.4400.

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