Opening Daily Highlight
Mixed
All eyes on Powell
Fri, 10-Nov-2023 08:03 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.37%) extended its decline as cautiousness prevails ahead of the Fed’s interest rate outlook. On the other hand, the lower liners turned positive, while the utilities sector topped the peers with rally of +1.45%, driven by potential inclusion of YTL Power Bhd into FBM KLCI Index.
  • Global Markets Review. Wall Street faltered following the hawkish tone delivered by US Federal Reserve President Jerome Powell over the central bank's lack of confidence in their efforts to combat inflation. In contrast, European stock markets closed higher on the back of robust corporate earnings, while Asia stock markets ended mixed.
  • Market Outlook. We reckon weakness on Wall Street may permeates towards the local stock market today. Investors may turn to the sidelines ahead of the extended weekend Deepavali festive break. Key economic data to be monitored include the University of Michigan (UoM) release of preliminary Consumer Sentiment Index for November 2023, along with the 5-year Consumer Inflation Expectations. We expect the technology sector to edge lower, taking cue from the weakness on Nasdaq.
Sentiment: Negative
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Market Mover
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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