Opening Daily Highlight
Mixed
Finding a footing
Tue, 24-Oct-2023 08:16 am
by Research team • Apex Research

• Malaysia Market Review. The FBM KLCI (-0.37%) started off the week on a dour note as the key index faltered for the third straight session in line with the weakness across regional markets. The lower liners remained downbeat, while the Financial Services sector (+0.08%) was the sole outperformer amongst the negative sectorial peers.

• Global Markets Review. US stock markets were traded in a choppy session overnight as the Dow fell -0.58% after being rattled by the volatility in bond markets. The European stock markets ended mixed, while Asia Pacific stock markets markets languished in red.

• Market Outlook. Expectedly, the FBM KLCI was not spared by the regional market weakness following the rising US treasury yields. With expectations that interest rates will remain higher for longer, investors risk appetite in the equity markets continues to dwindle. We reckon that the downward bias tone may linger amid the lack of fresh leads, while any recovery will be tempered by quick selling pressure. We continue to advocate investors to remain defensive in volatile period with focus towards gold-related stocks. Meanwhile, a handful of mega-cap tech companies results to be announced later this week will be monitored closely.

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