Opening Daily Highlight
Mixed
Volatility may resurface
Mon, 30-Oct-2023 08:01 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.09%) remained flat on last Friday. The lower liners ended lower due to profit taking activities, while the Transportation sector (+0.63%) outperformed the mixed sectorial peers.
  • Global Markets Review. US stock markets were mixed with the Dow and S&P declining due renewed concerns of recession and disappointing quarterly results, while the Nasdaq climbed, thanks to gains in Amazon shares. The European stock markets retreated, while Asia Pacific stock markets finished mostly higher.
  • Market Outlook. We reckon that the FBM KLCI could be negatively affected by the bearish sentiment in Wall Street. Following the heightened market volatility, coupled with external uncertainties, downside risk prevails overtime. Likewise, the lower liners may brace for further pullback as quick profit taking activities sap into the sentiment. For now, investors will be monitoring the US core personal consumption expenditures reading this week as the preferred inflation indicator of the Federal Reserve. With the on-going volatility, we advocate investor to be defensive, focusing onto gold-related stocks after gold prices marched beyond US$2,000/oz.
Sentiment: Neutral
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.402876 4.437473
EUR 4.625026 4.629540
CNY 0.608721 0.609331
HKD 0.566937 0.570897
SGD 3.293067 3.316246