Opening Daily Highlight
Mixed
All eyes on US unemployment data
Fri, 06-Dec-2024 07:32 am
by Research Team • Apex Research

  • Malaysia Market Review. FBM KLCI (+0.1%) ended Thursday in a positive note after late buying in financial and plantation heavyweights recovered all intraday losses. Lower liners were mixed. Sector wise, the Healthcare sector (+1.5%) and Telecommunication and Media sector (+1.4%) led the gainers, while the Industrial Products and Services sector (-0.5%) and Construction sector (-0.4%) topped the laggards.

 

  • Global Markets Review. In Wall Street, all three major indices retreated from record highs ahead of Friday’s jobs report. European stocks closed higher with the French markets in focus after the government was toppled in a vote of no-confidence on Wednesday night. The pan-European Stoxx 600 added 0.4% in a volatile trading session. Asian stocks were mixed on Thursday. South Korea’s Kospi (-0.6%) remained downbeat, plagued by political unrest in the country. Japan’s Nikkei 225 ended the day 0.3% higher. In China, Hang Seng slipped 0.9%, while Shanghai Composite was marginally higher by 0.1%.

 

  • Market Outlook. FBM KLCI extended its momentum upwards since the start of the week as bargain hunting activities emerged. After four straight sessions of gains, we expect the local market to take a breather ahead of the US unemployment data on Friday with investors digested recent gains. The labour data could provide insight on Federal Reserve’s rate decision at its policy meeting later this month. Sector wise, the Plantation sector may see further gains as CPO prices continued to climb. 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 gapped up to inch higher for the fourth straight session yesterday. Indicators remained positive as MACD Line floated above the Signal Line, while the RSI steadied above 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 4.375354 4.412699
EUR 4.573391 4.585347
CNY 0.603938 0.605575
HKD 0.561409 0.566244
SGD 3.236779 3.265133