Opening Daily Highlight
Mixed
Index rebalancing late rebound
Fri, 01-Dec-2023 08:22 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.46%) rebounded from recent losses following late buying and month-end window dressing. However, lower liners remained negative, while the energy sector (+0.88%) was the best performer after reversing its decline.

• Global Markets Review. Wall Street was mixed overnight with the Dow advancing to year-to-date high, while the Nasdaq dropped after the personal consumption expenditures price index was in line with expectations. Earlier, European stock markets rose after Euro zone inflation slowed while Asian bourses were mixed as China’s manufacturing activity contracted for a second straight month.

• Market Outlook. Following yesterday’s window dressing, we reckon that the FBM KLCI could face profit taking today. 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 later today. At the same time, US construction spending and ISM manufacturing data will be in focus. Meanwhile, we expect oil & gas stocks to be under pressured with Brent oil prices taking a dive yesterday after OPEC and its allies planned production cuts fell short of expectations.

Sentiment: Positive
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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