Opening Daily Highlight
Mixed
Plantation may see renewed buying interests
Mon, 02-Dec-2024 07:36 am
by Research Team • Apex Research

Market Review & Outlook 

  • Malaysia Market Review. The FBM KLCI (-0.2%) ended lower on last Friday, dragged by selling of heavyweights in Utilities and Logistics sector. Lower liners were mixed. Sector wise, the Plantation sector (+0.6%) and the Property sector (+0.5%) emerged as the top gainers, while the Telecommunication and Media sector (-0.9%) topped the laggards.

 

  • Global Markets Review. In the US, the Dow and S&P 500 rose to fresh record highs as Wall Street reopened for a shortened trading session on last Friday after the Thanksgiving holiday. European stocks also closed higher as investors assessed the higher euro zone inflation data, limiting the bets on a deep European Central Bank rate cut. Meanwhile, Asian markets fell mostly on last Friday as escalation in Russia-Ukriane war dented risk appetites. Japan stocks were lower as inflation data fuels BOJ’s rate hike bets. China stock markets bucked the regional trend following reports that US may impose less severe sanctions on China’s semiconductor industry than previously proposed.

 

  • Market Outlook. Local market could stay in consolidation mode as investors digest the results from the earnings season and wait for fresh developments. Sentiment remains fragile amidst escalating geopolitical tension and extended outflow in foreign funds. Following the closing of earnings season, investors will now turn their attention to Manufacturing PMI in Malaysia and US, set to be released later today, as well as US services PMI and jobs report expected later this week. We expect the Plantation sector to see renewed buying interest as worsening floods in the East Coast and low inventories are expected to lift CPO prices. 

     

  • Technical Commentary: The FBM KLCI formed a doji candle to close mildly lower as the key index continues to tread below SMA200. Indicators remained mixed as MACD Line floated above the Signal Line, while the RSI lingered below 50. Immediate resistance is located at 1,625. Support is envisaged around 1,570.

Sentiment: Neutral
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Market Mover
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Currency Buy Rates (RM) Sell Rates (RM)
USD 4.452920 4.487673
EUR 4.698373 4.707035
CNY 0.612094 0.612693
HKD 0.572113 0.576600
SGD 3.311112 3.337265