Opening Daily Highlight
Mixed
Cautious undertone prevails
Tue, 28-Nov-2023 09:06 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (-0.4%) declined yesterday but remains under the sideways trend. The lower liners closed negative, while the property sector (-1.33%) was the worst performer among mostly negative sectorial peers.

• Global Markets Review. Wall Street was lower overnight as profit taking kicked in as the higher mortgage rates weighed onto the latest US new home sales data. European stock markets were also negative, while Asia stock markets fell following huge losses in China’s property companies.

• Market Outlook. Once again, we opine that the FBM KLCI may continue to trend sideways in view of the lack of surprises from corporate results. Any downside will be cushioned after US Treasury yields hit multi-month lows on expectations that inflation is cooling and the Federal Reserve may be done in rate hikes. Back home, investors will be keeping a close watch onto Malaysia’s producer price index later today. At the same time, US consumer confidence and S&P Global Manufacturing PMI data will be in focus as well as speeches by Federal Reserve officials. Meanwhile, the rising gold prices which strengthen above US$2,000/oz is expected to attract adding activities within gold-related 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 4.210973 4.249411
EUR 4.954495 4.965490
CNY 0.589445 0.590817
HKD 0.536642 0.541158
SGD 3.306006 3.333319