Opening Daily Highlight
Local
Swift recovery ahead
Tue, 17-Oct-2023 08:02 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.36%) snapped a 6-day winning run as the Budget 2024 provided little impetus for the local bourse to charge higher. The lower liners also trended lower, while the property sector (-1.3%) continue to underperform the mostly negative sectorial peers.

  • Global Markets Review. US stock markets staged a quick rebound as the Dow climbed 0.9% on diplomatic efforts from top leaders across the globe to prevent the geopolitical tension in the Middle East to escalate further. The European stock markets also marched higher, but Asia stock markets were painted in red.

  • Market Outlook. Expectedly, the FBM KLCI trended lower yesterday as the extended winning run came to a halt. After the recent pullback, we reckon that the move may attract some mild bargain hunting activities, which may likely to mirror the positive performance on Wall Street overnight. The lower liners may also stage a rebound on the back of the rotational play. Looking ahead, investors will be keeping a close watch onto US retail sales, manufacturing production and industrial production data. At the same time, the flurry of corporate earnings releases in the US may guide Wall Street direction.
Sentiment: Positive
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.452920 4.487673
EUR 4.698373 4.707035
CNY 0.612094 0.612693
HKD 0.572113 0.576600
SGD 3.311112 3.337265