Opening Daily Highlight
Mixed
Still within consolidation
Wed, 22-Nov-2023 08:00 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.44%) snapped a three-day losing streak, on the back of bargain hunting activities, taking cue from the positive developments on Wall Street overnight. The lower liners also advanced, while the Industrial Products & Services sector (+1.41%) led the mostly positive sectorial peers.
  • Global Markets Review. US stock markets retreated following the release of US FOMC minutes re-iterated their cautious stance to approach interest rates, while corporate earnings releases winds down. European stock markets ended mildly in red, but Asia stock markets finished mostly upbeat.
  • Market Outlook. While the FBM KLCI managed to tick higher to end its losing streak, we reckon gains may not be sustainable, owing to the cautious approach from the US Federal Reserve interest rates remarks. Any further recovery is expected to be tampered by quick profit takings, over the interim. Global markets are expected to consolidate following a good run in the recent weeks. Meanwhile, investors will continue to monitor onto the on-going flurry of corporate earnings releases on the local front. Gold-related stocks may be in focus with gold prices advancing towards US$2,000/oz.
Sentiment: Positive
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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