Bursa and ringgit get off to a negative start

Bursa and ringgit get off to a negative start

Local market reacts to weak Wall Street performance, while strong US economic data puts pressure on the ringgit.

KUALA LUMPUR:
Bursa Malaysia lost some ground today on a weak Wall Street performance last night while the ringgit succumbed to strong US economic data yesterday.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened 2.57 points easier at 1,468.99. At 9.28am, it recovered marginally to 1,471.00 but was still 0.56 of a point down from yesterday’s closing of 1,471.56.

There were more losers than gainers on the broader market, which saw a turnover of 729.65 million units worth RM226.56 million.

Meanwhile, the ringgit opened lower against the US dollar on speculation that the Federal Reserve may lift interest rates more than recently projected.

The change of heart came with the release of the institute for supply management (ISM) data yesterday which showed that services industry activity unexpectedly rose in November following the employment rebound announced last Friday, an analyst said.

At 9.02am, the local currency slipped to 4.3780/4.3830 against the US dollar from 4.3660/4.3715 at yesterday’s close.

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