Opening Daily Highlight
Local
Turning to the East
Wed, 18-Oct-2023 08:00 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.36%) rebounded, led by gains in more than two third of the key index components yesterday. The lower liners also advanced, while the plantation sector (+0.92%) led the mostly positive regional peers.

  • Global Markets Review. US stock markets ended mixed, following the stronger-than-expected series of economic data such as retail sales, manufacturing production and industrial production which resulted in higher treasury yields. The European stock markets extended their gains, while Asia stock markets closed mostly upbeat.

  • Market Outlook. The local bourse delivered a swift recovery, taking cue from the calmer market conditions yesterday which may set a tone for stability. The lower liners are bracing for further recovery to extend its upward trajectory on the back of rotational play. We reckon that a consolidation may take shape with cautiousness prevails ahead of the release of China’s 3Q23 GDP data later today. Still, the corporate earnings releases on Wall Street remain as the key focus. The energy sector is expected to see improved trading interests as Brent oil prices steadied above US$87/bbl.
Sentiment: Neutral
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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