Opening Daily Highlight
Mixed
US-China productive discussion
Mon, 20-Nov-2023 08:37 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.27%) took another step back, in line with the negative performances across regional markets. The Utilities sector (+0.72%) that is touted to be defensive in nature outperformed the sectorial peers in the volatile market condition.
  • Global Markets Review. US stock markets ended the week on a slight upbeat note on expectations of less hawkish tone from US Federal Reserve, while US-China talks wrapped up in a positive manner. European stock markets closed fairly higher with the Eurozone’s inflation continues to taper, but Asia markets ended mostly in red.
  • Market Outlook. Despite the better-than-expected Malaysia 3Q23 GDP data that expanded +3.3% yoy, sentiment was largely weighed down by negative developments on China’s property market. We reckon further consolidation may take shape with earnings season shifts to higher gear this week. Meanwhile, the slight improvement from US-China talks on the potential easing of trade tensions may likely to lend some strength to global markets. Looking ahead into this week, the FOMC minutes will be in focus to provide further guidance towards US interest rate direction, moving into 2024. The sharp rebound in crude oil prices may provide bargain hunting opportunities within the oil & gas stocks.
Sentiment: Negative
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.436869 4.470612
EUR 4.675505 4.679374
CNY 0.611103 0.611560
HKD 0.570272 0.574102
SGD 3.296965 3.319254