Bursa Malaysia opens lower while ringgit edges up versus greenback

KUALA LUMPUR: Bursa Malaysia opened weaker in the early session while the ringgit traded higher against the US dollar with the markets still unnerved by the fallout from US banking and Credit Suisse crises.

Bursa Malaysia traded weaker at the open amid shaky market sentiments on concerns over the collapse of two US banks and Credit Suisse’ woes. At 9.25am, the benchmark FBM KLCI fell 9.83 points, or 0.70%, to 1,401.90 from Friday’s close of 1,411.73.On the broader market, decliners outpaced gainers 299 to 169 while 249 counters were unchanged, 1,545 untraded, and 16 others suspended.

The ringgit extended last week’s gains to trade higher against the US dollar in the early session today, driven by investors’ return to emerging currencies as the global banking crisis eased, dealers said. At 9.15am, the local note rose advanced to 4.4680/4730 versus the greenback from Friday’s closing rate of 4.4850/4880.

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