Opening Daily Highlight
Mixed
Recovery still premature
Thu, 26-Oct-2023 08:03 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.48%) halted a four-day losing streak, on the back of bargain hunting activities with more than two third of the key index components advanced. The lower liners also marched higher, while the Industrial Products & Services sector (+0.74%) led the mostly positive sectorial peers.
  • Global Markets Review. US stock markets retreated following the weaker-than-expected Alphabet bottomline that outweighed the stronger sales of Microsoft. The European stock markets extended their gains after a choppy trading session, while Asia Pacific stock markets closed mixed.
  • Market Outlook. Expectedly, the calmer market conditions on Wall Street lifted the sentiment on the FBM KLCI as the key index recouped all its previous session of losses after China’s government proposal to issue sovereign bonds worth 1.0 trn yuan in attempt to shore up the world second largest economy. Meanwhile, investors will also be keeping a close watch onto Malaysia’s Producer Price Index data to be release later today whereby it had recorded negative reading for the past seven consecutive months. We continue to favour technology sector that is riding onto the improved semiconductor industry outlook.
Sentiment: Positive
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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