Opening Daily Highlight
Mixed
Easing selling pressure
Wed, 25-Oct-2023 08:19 am
by Research team • Apex Research

• Malaysia Market Review. The FBM KLCI (-0.17%) remained downbeat as the unabated weakness from Wall Street permeates to the local bourse. The lower liners, however, rebounded, while the Construction sector (+1.45%) outperformed the mostly positive sectorial peers.

• Global Markets Review. US stock markets rebounded as the Dow +0.6% halted a four-day losing streak after the 10-year treasury yields retreated, while the initial reading of S&P Global US Composite PMI advanced to 51.0 in October 2023. The European stock markets also advanced, while Asia Pacific stock markets ended mixed.

• Market Outlook. Selling activities remain unabated on the local bourse as weakness came in mainly in the final trading hour. For the time being, we expect the local bourse to find stability amid signs of easing selling activities as the key index rebounded from its intraday low yesterday. Investors may also take the opportunity to bargain hunt onto recent beaten down stocks with the lower liners attempting to build onto previous session rebound stance. Given the slightly calmer market conditions, the technology sector may warrant a look that could mirror the positive performance on Nasdaq overnight, while the plantation sector may see further weakness after CPO prices slipped below RM3,700/MT.

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