KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96. The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
The ringgit opened slightly weaker against the US dollar on Tuesday, reflecting cautious sentiment in the global currency market. As of 8:03 am, the local currency stood at 4.4595/4680, compared to Monday's close of 4.4570/4625.
Key Drivers of Market Movement
US Dollar Strength:
- Political Uncertainty in France: A no-confidence motion tabled over budget disagreements has supported the US dollar as a safe-haven currency.
- Fed's Future Outlook:
- Comments by Fed Governor Christopher Waller, indicating potential rate cuts in December, have raised the possibility of further monetary easing.
- Concerns about higher tariffs driving inflation next year may slow the Fed’s pace of easing.
Mixed Sentiment Toward Ringgit:
- Bank Muamalat’s Chief Economist, Dr Mohd Afzanizam Abdul Rashid, highlighted that the ringgit could remain range-bound amid global market uncertainties.
Performance Against Major Currencies
Strengthened Against:
- British Pound: 5.6426/6534 (previously 5.6613/6683).
- Euro: 4.6807/6896 (previously 4.6856/6914).
Weakened Against:
- Japanese Yen: 2.9784/9842 (previously 2.9648/9687).
Performance Against ASEAN Currencies
Weakened Against:
- Singapore Dollar: 3.3136/3202 (previously 3.3113/3156).
- Philippine Peso: 7.60/7.62 (previously 7.59/7.61).
Strengthened Against:
- Thai Baht: 12.9134/9462 (previously 12.9196/9423).
Eased Against:
- Indonesian Rupiah: 280.3/281.0 (previously 280.1/280.6).
Outlook
The ringgit’s movement reflects global caution as investors assess geopolitical risks and monetary policy signals. The currency is likely to stay range-bound against the US dollar while showing mixed trends against other currencies, driven by regional and global factors.
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