Opening Daily Highlight
Mixed
Staying muted
Mon, 23-Dec-2024 06:05 am
by Research Team • Apex Research

  • Malaysia Market Review: The FBM KLCI fell by -0.54%, as investors stayed cautious amid ongoing selling pressure, in line with regional markets. Most indices saw declines, led by the healthcare segment (which fell by -1.98%) after Bank Negara Malaysia announced a series of interim measures to address the burden of rising medical insurance premiums.

     

  • Global Markets Review: Wall Street surged on Friday, as cooler-than-expected inflation data helped investors look past the possibility of a government shutdown and fresh tariffs threats from US President-elect Donald Trump. In contrast, Asian and European markets continued their downward slide as the Fed flags slower cut rates.

     

  • Market Outlook: Local sentiment remained cautious following the recent volatility. We expect the index to remain choppy in the near-term, following subdued momentum and weak recovery signals, in view of the softer global market performance with the key index attempt to defend the 1,600 psychological level. The lower liners may also see a muted trading activity on the back tepid trading sentiment as we march into the mid-week festive break.  Foreign funds are likely to continue be the net seller on the local bourse, as slower rate cuts by the US Fed could strengthen the USD, prompting funds to flow back to the US.

     

  • Sector focus. Financial stocks have seen a hard time, following rate cut implications – we suggest investors steer clear of this in the short term. The resiliency in USD may garner trading interest within export-oriented sectors such as Technology, Gloves, Timber and Furniture.

     

  • Technical Commentary: The FBM KLCI formed a bearish candle to wipeout all its previous session gains as the key index rejected SMA200 and drifted further from the 1,600 level. Indicators turned negative as MACD Line slipped below the Signal Line, while the RSI lingered below 50. Immediate resistance is located at 1,625. Support is envisaged around 1,570.

Sentiment: Negative
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 4.453239 4.488967
EUR 4.644097 4.653715
CNY 0.611396 0.612321
HKD 0.573248 0.578035
SGD 3.277263 3.304067