Opening Daily Highlight
Mixed
Dampened by hawkish US Fed
Mon, 23-Oct-2023 08:50 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.11%) finished mildly lower in tandem with the weakness across regional markets. Likewise, the lower liners extended their slide, while the Energy sector (+0.73%) outperformed the mostly negative sectorial peers following the higher crude oil prices. 
    • Global Markets Review. US stock markets were weighed down by the rising 10-year treasury yields that rose above 5.0%; the highest since 2007, coupled with the geopolitical tensions in the Middle East. The European stock markets also extended their slide, while Asia Pacific stock markets markets finished broadly lower.
    • Market Outlook. It was another dour session for majority of the stocks across Bursa Malaysia with foreign funds continue to offload Malaysia equities. With the US Federal Reserve remain hawkish, we reckon that volatility may persist. Going forward, the geopolitical developments on Middle East will be closely monitored, along with the on-going barrage of corporate earnings. With Brent oil prices continues to trade above US$90/bbl, we advocate investors to keep their heads onto the energy sector. Export-related stocks will also be in focus, owing to the weakening of MYR against US$ which is now at 25-year low.
    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