Opening Daily Highlight
Mixed
Riding onto less hawkish Fed
Thu, 12-Oct-2023 08:01 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.1%) edged marginally higher after the Malaysia unemployment rate held steady at 3.4% in August 2023. The lower liners also inched higher, while the property sector (+0.5%) outperformed the mostly positive sectorial peers.
  • Global Markets Review. US stock markets recovered from their intraday losses to extend their rebound move, driven by the less hawkish tone set by US Federal Reserve officials in the latest FOMC minutes meeting. The European stock markets edged lower, while Asia stock markets marched higher.
  • Market Outlook. The FBM KLCI mange to hold onto its ground as gains were prevalent across selected banking heavyweights. With the latest FOMC minutes indicating a less hawkish tone, we reckon that may build onto its previous session gains. The lower liners, however, may also tick mildly higher, riding onto the calmer market conditions. Going forward, investors likely to shift their heads towards the tabling of Budget 2024 on Friday. Coming closer, Malaysia’s industrial production and retail sales data will be kept watch closely, while US inflation rate tonight will provide further guidance onto the US Federal Reserve move.
Sentiment: Positive
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.445296 4.480081
EUR 4.636707 4.641062
CNY 0.611834 0.612450
HKD 0.571749 0.575737
SGD 3.297227 3.320345