Opening Daily Highlight
Local
Potential further US rate hike
Fri, 20-Oct-2023 11:07 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.27%) shed 3.88 points in line with the slump in regional markets as index components declined across the board. Similarly, lower liners tumbled with the exception of the FBM ACE Index (+0.67%).

  • Global Markets Review. US stock markets extended their decline after the Federal Reserve chairman hinted further interest rate hikes to curb inflation. Similarly, the European stock market tumbled amid ongoing geopolitical tension in the Middle East, while Asian equity markets were mostly lower.

  • Market Outlook. The local bourse continues to take a breather after the recent sharp rebound. Going forward, investors may monitor the on-going batch of US corporate earnings announcements and Treasury yields movement. Back home, the Malaysia’s inflation data will be monitored closely. Given the uneased geopolitical tension in the Middle East, we reckon that the FBM KLCI will remain pressure, to trade below the resistance of 1,465. Meanwhile, investors may focus onto the energy sector with Brent oil prices steadied above US$90/bbl, while the firmer gold prices may warrant a look onto gold-related stocks.
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