Opening Daily Highlight
Mixed
Capped by geopolitical instability
Tue, 10-Oct-2023 08:04 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.03%) ended on a flattish note as gains were capped by rising geopolitical tension between Israel and Palestine. The lower liners also staged a pullback, while the Energy sector (+2.1%) rallied on expectations of tighter crude oil supplies.
  • Global Markets Review. Wall Street recovered from intraday lows to extend its gains after several US Federal Reserve officials undertook a dovish tone on future interest rate hikes this year. European stock markets retreated, while Asia markets closed mixed.
  • Market Outlook. Choppiness is expected to prevail overtime as the FBM KLCI recovery is limited by the geopolitical instability in Middle East. The lower liners are expecting further pullback as traders were quick to lock in profits from recent gains. For today, we expect Malaysia unemployment rate data to hold steady at 3.4% for the month of August 2023 in tandem with expectations of Malaysia’s Leading Index recovery. Meanwhile, we expect the energy sector to remain upbeat, on the back of the recovery in crude oil prices, coupled with the positive guidance from the latest OPEC World Oil Outlook 2023.
Sentiment: Positive
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.373243 4.414705
EUR 4.565507 4.577376
CNY 0.602867 0.604630
HKD 0.561419 0.566456
SGD 3.236779 3.265133