Opening Daily Highlight
Mixed
Impending bargain hunting
Wed, 01-Nov-2023 08:03 am
by Research Team • Apex Research

Market Review & Outlook

  • Malaysia Market Review. The FBM KLCI (+0.2%) ended the month on a positive note following gains in Petronas companies, telcos, banks, and planters. Similarly, the lower liners also climbed, while the Utilities sector (+1.18%) was the best performer among sectorial peers.
  • Global Markets Review. US stock markets extended their gains ahead of the Federal Reserve interest rate decision later today, while the sluggish economic data whereby consumer confidence fell to five-month low toned down the hawkish stance from the Federal Reserve. Similarly, European stock markets rose, while Asia Pacific stock markets also climbed.
  • Market Outlook. We reckon that the FBM KLCI could remain sideways at the moment. Bargain hunting activities may emerge overtime as the local bourse may take cue from the positive developments on Wall Street overnight. The lower liners may also see improve trading sentiment on the back of rebound play. For now, investors will be waiting for the Federal Reserve’s interest rate decision with a 98% probability of rates being unchanged. Meanwhile, global manufacturing data from Malaysia, China, UK and US will also be in focus. We expect the technology sector to perform positively, taking cue from the improved sentiment on Nasdaq overnight.
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