Opening Daily Highlight
Mixed
Ending Signs of an End to Interest Rate Hikes
Mon, 06-Nov-2023 08:21 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI rallied +0.71% on last Friday, buoyed by favorable market sentiment following a improvement on Wall Street. Similarly, the lower liners climbed, while the Consumer sector (+0.87%) was the best performer among sectorial peers.
  • Global Markets Review. The October employment report released on last Friday fell short of expectations, indicating that the Federal Reserve's efforts to temper economic growth and curb inflation are effective. Consequently, US stock markets extended their lead, with growing optimism that the interest rate upcycle might be at tail end.
  • Market Outlook. The FBM KLCI is anticipated to sustain its upward momentum in this week, supported by the favorable momentum on Wall Street. However, we anticipate further strides of uptick may be short-lived, on indications of economic weakness, with the US unemployment rate edging up slightly to 3.9% in October, against 3.8% the previous month. Concurrently, gold prices advanced 0.39% on last Friday due to a decline in the US Dollar and treasury yields following lackluster US job data. We continue to favour the technology sector that is riding onto the recovery move from Nasdaq.
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