Bursa Malaysia rebounded from earlier losses to open higher today on renewed buying activity as investors took advantage of lower share prices, dealers said.
The ringgit also opened higher against the US dollar on better demand for the local note as traders took advantage of yesterday’s decline.
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.89 points to 1,631.98, after opening 5.52 points better at 1,634.34.
Market breadth was positive with gainers leading losers 181 to 71, with 145 counters unchanged, 1,360 untraded and 13 others suspended. Turnover stood at 155.64 million shares worth RM59.43 million.
Kenanga Research said a further sell-down by investors post the US Fed interest rate hike, as well as the seemingly never-ending declining crude oil prices, have taken a toll on the local bourse.
As for the ringgit, the local unit was quoted at 4.2920/2970 at 9.13am against the greenback from the 4.3000/3050 recorded at yesterday’s close.
Meanwhile, the ringgit traded mixed against other major currencies.