Opening Daily Highlight
Mixed
In consolidation ahead of Christmas break
Tue, 24-Dec-2024 06:40 am
by Research Team • Apex Research

  • Malaysia Market Review: The FBM KLCI rose by +0.30%, staging a rebound from last Friday’s losses, underpinned by renewed buying interest in selective banking heavyweights. Sector performance was split, with Financial Services and Technology indices being notable gainers while Construction showed a sharp decline.

     

  • Global Markets Review: Wall Street extended its recovery, 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. Asian and European markets also saw a positive movement taking cue from Wall Street’s strong performance on Friday. 

     

  • Market Outlook: Local sentiment remained subdue amid the absence of fresh leads. 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 re-claim the 1,600 psychological level. As we march into the mid-week festive break, the lower liners may also see a muted trading activity on the back tepid trading sentiment which already saw trading volume shrank to 2.37bn shares yesterday. For today, investors will be observing the Malaysia PPI data as well as US new home sales data later tonight.

     

  • Sector focus. With the recent news over the impending announcement in regards to winners of the fifth large scale solar bidding round (LSS5) from next Monday, this will garner trading interest within RE players. The Finance sector may build onto its previous session gains after snapping a five-day losing streak.

     

  • Technical Commentary: The FBM KLCI formed a bullish candle after briefly re-tested the SMA200 level yesterday as the key index attempts to find stability. Indicators remained 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: Neutral
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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