Opening Daily Highlight
Mixed
Downward bias consolidation
Thu, 30-Nov-2023 07:52 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.13%) was weighed down by weaker-than-expected corporate earnings from Axiata that released their quarterly results during mid-day break yesterday. Lower liners were also negative, while the healthcare sector (-1.47%) was the worst performer after reversing its gains.
  • Global Markets Review. Wall Street was flat overnight as the US economy expanded 5.2% yoy in 3Q23 which was above consensus expectations and above earlier forecasts of 5.0%. Earlier, European stock markets rose after Germany’s inflation slowed
  • Market Outlook. The absence of fresh leads on the domestic front is expected to keep the local bourse within the downward bias consolidation band over the near term. Still, 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 expect trading interest to flow towards oil & gas stocks with Brent oil prices steadied above US$80/bbl.
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