Opening Daily Highlight
Mixed
Post-Holiday Gains
Fri, 27-Dec-2024 07:04 am
by Research Team • Apex Research

  • Malaysia Market Review: The FBM KLCI rose by +0.67%, supported by mild post-holiday activity, amidst thin trading volume. Sector performance was largely positive, led by sharp gains in industrial products & services, property and technology indexes.

     

  • Global Markets Review: Wall Street turned flattish following the release of weekly jobs data. Asian and European markets extend their “Santa Rally”, boosted by comments from the BOJ governor as well as China’s plans for massive bond issuances in 2025.

     

  • Market Outlook: Stock markets have traditionally fared well in the last five trading days of the year and the first two in the new year, a trend known as the “Santa Claus rally”. While the key index managed to re-claim the 1,600 psychological level, we reckon that further upsides will be measured in view of the absence of fresh leads. Likewise, the lower liners may remain muted as trading activity simmered post mid-week festive break as investors may remain in the sidelines till early next year. China’s announcement on massive bond issuances in 2025 should keep Asian markets moving in a positive direction. Still, there is some uncertainty pertaining to 2025’s outlook, namely to do with the tighter global financial conditions in 2025, due to higher interest rates and a stronger US Dollar.

     

  • Sector focus. We note that the auto industry may safe some difficulty in 2025, in light of weaker sales of non-national cars amid intensifying competition (particularly from Chinese players), while the industry grapples with easing backlog orders. Meanwhile, we expect the utilities and construction sector to build onto their previous session gains.

     

  • Technical Commentary: The FBM KLCI formed another bullish candle to solidify its position above the 1,600 psychological level as markets return from the mid-week break. Indicators turned positive as MACD Line hooked above the Signal Line, while the RSI floated above 50. Immediate resistance is located at 1,625. Support is envisaged around 1,570.

Sentiment: Positive
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