KUALA LUMPUR: The ringgit and Bursa Malaysia got off to a poor start this morning as investors turned cautious.
The ringgit eased to 4.6485/4.6525 against the greenback at the start of the day’s trading, down from 4.6385/4.6425 at yesterday’s close, while the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 2.60 points to open at 1,385.73 points.
Bank Muamalat Malaysia Bhd chief economist and social finance head Afzanizam Rashid said investors continued to seek refuge in safe haven currencies on concerns over the global economic prospects.
Meanwhile, the weaker performance on Wall Street spilled over to other markets, including Bursa.
Dealers said investors also turned cautious in the run-up to US Federal Reserve chair Jerome Powell’s testimony before Congress later today for clues on the market direction.