Opening Daily Highlight
Mixed
Volatility bites back
Fri, 27-Oct-2023 08:02 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.13%) edged lower after erasing all its intraday gains from the opening bell yesterday. The lower liners closed mixed, while the Construction sector (+1.24%) outperformed the mixed sectorial peers.
  • Global Markets Review. US stock markets extended their decline, dragged down by weaker-than-expected earnings from Meta Platforms, while the solid 3Q23 GDP data (+4.9% YoY) reinforce the hawkish tone set by the US Federal Reserve. The European stock markets retreated, while Asia Pacific stock markets finished mostly in red.
  • Market Outlook. Despite the positive surprise from the PPI data that expanded 0.2% YoY in September 2023; snapping seven straight months of contraction, it failed to alleviate the FBM KLCI yesterday. External factors such as concern the rising bond yields and higher interest rate environment is expected to dominate the sentiment. For now, investors will be monitoring onto the US consumer sentiment data to provide further guidance towards the impact of higher interest rates to consumer spending power. With the on-going volatility, we advocate investor to be defensive, focusing onto gold-related stocks after gold prices marched higher above US$1,990/oz.
Sentiment: Negative
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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