Opening Daily Highlight
Local
Pullback in store
Mon, 16-Oct-2023 08:08 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.02%) ticked marginally higher, spurred by optimism over the tabling of Budget 2024 on last Friday. The lower liners, however, finished lower, while the property sector (-0.6%) underperformed the mixed sectorial peers.

  • Global Markets Review. US stock markets finished mixed as the S&P 500 slipped 0.5% on escalating geopolitical tension in Middle East. The European stock markets were downbeat, while Asia stock markets ended mostly in red.

  • Market Outlook. The surprise from the proposed hike of service tax to 8% under Budget 2024 may attribute to some negative impact the Malaysian equities today. Further weakness may be compounded with the escalating geopolitical tension in Middle East on signs that Israel is preparing for a ground invasion into Gaza. The lower liners may also languish in the red with volatility taking the front seat. Given that there was little to offer under the Budget 2024 as the government tightens its grip in the fiscal space, we reckon that near term upsides are now off the table. Meanwhile, we opine that investors will also take this opportunity to lock in recent profits.
Sentiment: Neutral
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.375354 4.412699
EUR 4.573391 4.585347
CNY 0.603938 0.605575
HKD 0.561409 0.566244
SGD 3.236779 3.265133