Opening Daily Highlight
Mixed
Finding stability
Wed, 29-Nov-2023 07:51 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.01%) remained flat as the local market lacks catalyst. However, lower liners climbed higher, while the energy sector (-1.06%) was the worst performer on weaker oil prices and healthcare (+1.43%) was the best performer.
  • Global Markets Review. Wall Street was slightly higher overnight on remarks from Federal Reserve Governor Christopher Waller that current monetary policy appears to be sufficiently restrictive to cool inflation back down to the central bank’s 2% target. Earlier, European stock markets were negative, while Asian stock markets rebounded following lower oil prices after Qatar said the truce between Hamas and Israel was extended by two days.
  • 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 S&P manufacturing PMI on Friday. At the same time, US pending home sales will be in focus. Meanwhile, we continue to advocate for defensive trading with gold-related stocks remain in focus following the strength in rising gold prices which hovered above US$2,000/oz.
Sentiment: Negative
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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