Opening Daily Highlight
Mixed
Cautious sentiment prevails
Wed, 23-Oct-2024 07:41 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.2%) took a step back in tandem with the weakness across regional markets. Likewise, the lower liners extended their slide, while the Construction sector (+2.2%) outperformed the mostly positive sectorial peers.

 

  • Global Markets Review. US stock markets closed mixed, with the Nasdaq ending in positive territory while the S&P 500 and Dow closed flat due to extended profit taking activities following the recent surge in treasury yield. The European stock markets also retreated with most sectors and major bourses in negative territory, while Asia stock markets mostly ended lower, in line with the mixed session in Wall Street.

      

  • Market Outlook. We continue to observe the weak sentiment in the local bourse as investors take cautious stance amidst the renewed volatility.  That said, we might see some bargain hunting emerging on the local market today, following yesterday’s pullback. The lower liners may also undergo consolidation in tandem with the weak sentiment form the main market. Over the interim, key focus lies onto the release of US home sales which will be release tonight. We advocate investor to stay defensive and take a look onto gold-related stocks as gold prices have reached a new record high above $2,740/oz, led by uncertainties surrounding the US election, the Middle East conflict, and expectations of further monetary easing. Meanwhile, the construction sector appears resilient amid market corrections, likely supported by significant ongoing developments in the country. Bargain hunting activities may also emerge within oil & gas sector following the rebound in oil prices.

Sentiment: Neutral
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.313266 4.343291
EUR 4.678931 4.683501
CNY 0.606354 0.606968
HKD 0.554789 0.558668
SGD 3.278114 3.301391