Opening Daily Highlight
Mixed
Firmly above 1,600
Thu, 05-Dec-2024 07:21 am
by Research Team • Apex Research

  • Malaysia Market Review. FBM KLCI closed 0.4% up on Wednesday, lifted by utilities heavyweights. Lower liners were also broadly up for the day. Apart from the Construction sector that was flat, all the other sectors ended the day green. The Technology sector (+2.6%), Healthcare sector (+2.1%) and Energy sector (+2.0%) topped the gainers.

 

  • Global Markets Review. In Wall Street, all three major indices closed green. S&P 500 (+0.6%), Nasdaq (+1.3%) and the Dow (+0.7%) hit fresh closing highs, spurred by dovish remarks from the US Federal Reserve Chairman Jerome Powell over US economy that is in remarkably good shape. Meanwhile, the pan-European Stoxx 600 added 0.4% as investors braced for an upcoming no-confidence vote in France’s parliament. Asian stocks were mostly down on Wednesday, led by slump in South Korean shares after President Yoon Suk-Yeol's abrupt reversal of a short-lived martial law stirred political turmoil and eroded investor confidence across the region. Kospi fell -1.4% while Shanghai Composite dropped -0.4%.

 

  • Market Outlook. FBM KLCI extended its momentum upwards since the start of the week as bargain hunting activities emerged. We expect the local market to extend its recovery trend ahead of the year-end window dressing. The positive developments on Wall Street overnight may provide support to the local bourse’s recovery trend today. Sector wise, the Technology sector may see further buying interest, tracking the overnight gains in Nasdaq. Lower liners have shown signs of recovery in recent trading sessions. We expect small-cap stocks to attract further bargain hunting activities as traders start to adopt risk-on mode.

     

  • Technical Commentary: The FBM KLCI formed another bullish candle as the key index build onto its previous session gains yesterday. Indicators turned positive as MACD Line floated above the Signal Line, while the RSI hooked above 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 4.480071 4.515176
EUR 4.630236 4.634597
CNY 0.611387 0.612041
HKD 0.575705 0.579703
SGD 3.275099 3.297952