Opening Daily Highlight
Mixed
FBM KLCI may trend sideways
Wed, 27-Sep-2023 08:34 am
by Research Team • Apex Research

Market Thoughts

The U.S. stock market plunged after August new home sales came in below expectations and the Conference Board’s consumer confidence was also below economists’ estimates. Similarly, European stocks were negative on concerns that interest rates may stay elevated for a longer period.

On the local market, the FBM KLCI extended its gains after rising 2.10 points or 0.15% to 1445.55 points. The FBM KLCI may consolidate and trend sideways above the support of 1433 points.

Among stocks to watch are: Ecoscience International Bhd has secured a RM38.02 million contract for the construction of a building and substation in Kerling, Selangor, MyNews Holdings Bhd posted a wider net loss of RM2.16 million in 3QFY2023, Poh Kong Holdings Bhd’s net profit plummeted 83.3% to RM4.98 million in 4QFY23, VS Industry Bhd’s 4QFY23 net profit surged 85.7% to RM66.08 million, AEON Credit Service (M) Bhd’s net profit for 2QFY2024 soared 59% to RM120.19 million.


Sentiment: Neutral
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Market Mover
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EUR 4.573391 4.585347
CNY 0.603938 0.605575
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