Opening Daily Highlight
Mixed
Pessimistic sentiment taking the lead
Fri, 25-Oct-2024 07:33 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.6%) tumbled for the fourth straight session with most of the key index components closed in red despite the cooling inflation rate in Malaysia. The lower liners were mixed, while the telecom sector (+0.5%) was the only outperformer among the negative sectorial peers.

 

  • Global Markets Review. US stock markets finished mix after a choppy trading session with Nasdaq rebounding sharply following stronger-than-expected and positive guidance from Tesla's earnings release. Similarly, European stock markets rebounded as investors digest another round of positive earnings report, while Asia stock markets mostly fell in tandem with Wall Street declines in Wednesday.

      

  • Market Outlook. Expectedly, the local bourse took another dive mirroring the broad selling pressure observed across the region. That said, the solid fundamentals of the Malaysian economy as a result of cooling inflation in September at 1.8%, suggest that bargain hunting could emerge with stocks trading at attractive levels. The lower liners are also turning directionless as volatility overnight permeates lower risk appetite across Bursa Malaysia. Over the interim, key focus lies onto the release of US Michigan consumer sentiment which will be release today. We continue advocate investor to be defensive traders to remain in a defensive position with focus onto gold-related stock and Utilities sector on the back of the market volatility. Meanwhile, the energy sector may face a pullback today as crude oil prices fell due to concerns on economic slowdown in Europe.

Sentiment: Neutral
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.331700 4.366912
EUR 4.690182 4.700296
CNY 0.610028 0.610802
HKD 0.557371 0.561924
SGD 3.281707 3.308775