Opening Daily Highlight
Mixed
Reclaimed 1,600
Wed, 04-Dec-2024 06:45 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI rose 0.7% on Tuesday, buoyed by bargain hunting in utilities and plantation heavyweights, lifting the index above the 1,600 psychological level. Lower liners were broadly up for the day. Except for the Energy and Transportation and Logistics sector, all the other sectors ended the day green, led by Utilities sector (+2.1%) and Technology sector (+1.4%). The Energy sector (-0.9%) topped the laggards.

 

  • Global Markets Review. In Wall Street, S&P 500 (+0.1%) and Nasdaq (+0.4%) hit fresh closing highs while the Dow fell 0.2%. New data from the US Bureau of Labour Statistics showed that job opening rose more than expected in October. Meanwhile, the pan-European Stoxx 600 added 0.4%, led by retail and defence stocks, as investors monitored the political upheaval in France. Asian markets were broadly higher on Tuesday, tracking the overnight gains on Wall Street. Japan’s Nikkei 225 surged 1.9%. Notably, South Korea's won had tumbled to a two-year low against the US Dollar following a declaration of martial law late Tuesday night, which was lifted later in the session.

 

  • Market Outlook. FBM KLCI showed signs of recovery after closing at an intraday high yesterday. 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 local market to extend its recovery trend, tracking the overnight gains in the Wall Street. Sector wise, the Plantation sector may continue to garner buying interests on the back of appreciation in CPO prices. Energy sector could also see some bargain hunting activities following the surge in oil prices on fears of escalating tension between Israel and Lebanon as well as further OPEC+ supply cut. 

     

  • Technical Commentary: The FBM KLCI formed a bullish candle as the key index re-claimed the 1,600 psychological level yesterday. 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: Positive
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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