Ringgit shines but Bursa starts the day on a mixed note

Ringgit shines but Bursa starts the day on a mixed note

However, US dollar could still see some upside while Bursa sentiments will be determined by economic data to be released later today.

KUALA LUMPUR:
The ringgit got off to a good start this morning but investor sentiment on Bursa Malaysia was mixed in early trade.

A light retracement of the US dollar against major currencies gave the ringgit a little boost.

It opened at 4.6720/4.6780 versus the greenback, compared with 4.6730/4.6780 at yesterday’s close.

Nonetheless, the greenback is still a safe haven currency for many investors especially as uncertainties in Russia over the weekend and concerns over global growth and the possibility of more monetary tightening in the US could give the greenback a lift.

On Bursa, investors chose to stay at the sidelines early in the day as they await the release of fresh economic data.

The FTSE Bursa Malaysia KLCI (FBM KLCI) was at 1,391.95 points at 9.10am, 2.07 points up from yesterday’s close of 1,389.88.

The key index had begun the day at 1,390.87 points.

But just like yesterday, there were more decliners than advancers on the broader market.

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