Opening Daily Highlight
Mixed
Optimism over US market
Mon, 04-Dec-2023 08:09 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI rallied +0.25% on last Friday, driven by increased buying interest in blue-chip stocks. Concurrently, the lower liners remained flat with the exception of the FBM ACE Index (+1.34%).
  • Global Markets Review. Despite Jerome Powell's cautious remarks on keeping policy restrictive, US stock markets ended the week on a positive note, with investors interpreting signals suggesting that the central bank has probably concluded its rate hikes. Similarly, the European stock markets rose due to surge in mining stocks following an unexpected expansion in China's manufacturing sector.
  • Market Outlook. Recent US economics data highlights a robust economy coupled with a concurrent decrease in inflation, possibility that the Federal Reserve might contemplate initiating interest rate cuts sooner than initially anticipated. Powell himself has recognised the possibility of implementing rate cuts before the Federal Reserve reaches their 2% inflation target, aiming to avert any unwarranted economic downturn. Back home, the FBM KLCI is likely to trend upwards supported by the favorable momentum observed in the US market, coupled with year-end window dressing activities. Meanwhile, we suggest directing attention towards gold-related stocks, given that gold prices have hit seven-months high at US$2,072/oz.
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