Opening Daily Highlight
Mixed
Sentiment improved
Mon, 09-Dec-2024 07:35 am
by Research Team • Apex Research

  • Malaysia Market Review: The FBM KLCI declined by 0.15% on Friday, snapping a winning streak, as profit-taking activities emerged. Lower liners were positive, with small-cap stocks gaining interest from bargain hunters amid improved sentiment. Healthcare (+2.2%) was the top-performing sector, driven by buying interest in glove counters, while the Plantation sector (-0.5%) was the biggest laggard as profit-taking set in.

     

  • Global Markets Review: Wall Street ended on a positive note on Friday, with the S&P 500 and Nasdaq reaching record highs, fueled by upbeat financial forecasts from consumer companies and easing labor market data, which strengthened expectations of a Fed rate cut this month. The Dow, however, declined slightly. In Europe, markets closed higher despite political uncertainties in France. Asian markets were mixed, with investors monitoring Korea’s political turmoil. The Hang Seng rebounded +1.6%, while the Nikkei and Shanghai Composite posted -0.8% and +1% performances, respectively.

     

  • Market Outlook: We expect the FBM KLCI to trade positively today, tracking Wall Street's performance. Despite the ongoing outflow of foreign funds, market sentiment has shown improvement, supported by local institutional fund activity and year-end window dressing. On the global front, all eyes will be on the US CPI data later this week, which will provide crucial clues about the Fed’s interest rate decision this month.

     

  • Sector focus: Plantation sector may see interest return after last Friday's profit-taking, supported by elevated CPO prices while Technology sector expected to see buying interest, tracking Nasdaq's record high and Healthcare sector likely to experience profit-taking following Friday's strong gains.

     

  • 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
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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