Opening Daily Highlight
Mixed
Volatility beckons
Thu, 19-Oct-2023 08:30 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.17%) added 2.41 points to buck regional negative trend, led by gains in plantation, telco and consumers heavyweights. While the lower liners decline, the plantation sector (+0.57%) extended its gains to emerge as the best performing sector yesterday.
  • Global Markets Review. US stock markets plunged as US Treasury yields surged to multi-year high, coupled with the escalating geopolitical tension in the Middle East. The European stock tumbled, while Asia stock markets were mostly lower.
  • Market Outlook. The local bourse is taking a breather after the recent sharp rebound. Investors will take cue from the US Federal Reserve chairman’s speech later tonight to gauge interest rate direction as well as US corporate earnings announcements. With the escalation of geopolitical tension, we reckon that the negative performance to permeates to the local bourse today. We expect the FBM KLCI to remain sideways below the resistance of 1465 points. Meanwhile, investors may monitor onto gold-related stocks after gold prices steadied above US$1,900/oz and rose above SMA200 yesterday.
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