Ringgit starts on positive note but Bursa falters

Ringgit starts on positive note but Bursa falters

Conflicting economic data from the US gives local currency a boost.

KUALA LUMPUR:
While the ringgit extended its gains from yesterday, Bursa Malaysia lost more ground in a mixed market opening this morning.

The conflicting signals on inflation and interest rates coming out of the US worked out well for the ringgit.

It began the day at 4.4670/4.4745 against the US dollar, up from yesterday’s close of 4.4710/4.4740.

Also working in favour of the ringgit is the lower-than-expected rise in the purchasing manager’s index. It rose from 47.4 points in January to 47.7 in February, below the market estimates of 48 points.

On the stock market, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) began the day at 1,451.34 points, just 1.14 points above yesterday’s close of 1,450.20 but quickly lost that little gain to settle at 1,449.22 points nine minutes into the trading session.

On the broader market, 167 counters saw a pick-up in their share prices verses 134 that lost some ground.

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