Opening Daily Highlight
Mixed
Re-testing 1,600
Tue, 03-Dec-2024 07:19 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI closed marginally higher (+0.1%) on Monday, lifted by heavyweights in Plantation and Industrial Product and Services sectors which brushed off profit taking in healthcare counters. Lower liners were mixed. Sector wise, the Industrial Product and Services sector (+1.9%) and the Plantation sector (+1.9%) led the gainers, while the Healthcare sector (-1.2%) topped the laggards.

 

  • Global Markets Review. S&P 500 (+0.2%) and Nasdaq (+1.0%) rose to new records while the Dow fell -0.3% to begin December amid a mixed trading session. In Europe, French equities were little change in a choppy trading session after politicians planned a no-confidence motion against Prime Minister Michel Barnier, a move likely to cause the collapse of the French government. Meanwhile, Asian markets were broadly higher on Monday. China’s Shanghai Composite was up 1.1% following a PMI reading that showed improving condition for manufacturing in November. Japan’s Nikkei 225 rose 0.8%, reversing earlier losses on optimism that the nation’s largest pension fund GPIF may boost equity holdings as the Japanese government plans to raise the investment return target for GPIF from 1.7% to 1.9%.

 

  • Market Outlook. Local market could stay in consolidation mode before rebounding on the back of year-end window dressing. Following the closing of earnings season, investors will now turn their attention to the US services PMI and jobs report expected later this week. We expect the Technology sector to see buying interest, tracking the overnight gains of Nasdaq in Wall Street. We continue to favour 

     

  • Technical Commentary: The FBM KLCI ended relatively flattish after erasing most of its intraday losses as the key index hovered below the 1,600 psychological level. 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
Settlement Rates
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