Opening Daily Highlight
Mixed
Further pullback beckons
Tue, 05-Dec-2023 08:25 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI shed -0.37% yesterday due to profit taking in blue-chip stocks following the recent MSCI rebalancing with half of the key index components in red. Similarly, the lower liners also retreated, while the Industrial and Consumer sector were the worst performers.
  • Global Markets Review. The U.S. market saw a decline after technology giants such as Alphabet and Meta experienced a pullback. The European stock markets was down marginally, while Asia Pacific stock markets closed mixed on concern over China’s swelling debt.
  • Market Outlook. We reckon that the FBM KLCI may remain ranged bound in the near-term while anticipating for further positive regional developments. Nevertheless, longer-term outlook still remained the positive as the decline in US Treasury yields and the possibility of rate hike slowdown emerges may attract foreign funds into the local bourse. Key economic focus will be directed towards China and US services and composite PMI data to be release today. Meanwhile, we suggest directing attention towards gold-related stocks, given that gold prices have continued its rally touching US$2,100/oz. Demand for safe haven assets has risen due to on-going geopolitical uncertainty and prospects of weaker US dollar.
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