Opening Daily Highlight
Mixed
Rangebound trading persisted
Wed, 06-Dec-2023 07:46 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI persisted in a downward trajectory (-0.11%) as the market demonstrated caution in response to crucial economic data expected from the US. Similarly, the lower liners also retreated, while the property sector (+0.56%) outperformed the other sectors.
  • Global Markets Review. US markets ended mixed on Tuesday following the release of new employment data, which reinforced expectations that the US Federal Reserve might implement interest rate cuts as early as March 2024. European stock markets recovered from previous session losses, while Asia Pacific stock markets fell as investors assessed a slew of economic data across the region.
  • Market Outlook. We anticipate continued volatility in the FBM KLCI over time, as investors exercise caution regarding the policy direction of major central banks and the path of decelerating economic growth. Any recovery is expected to be tempered by quick profit taking activities on signs of foreign fund outflows over the interim. Key economic focus will be directed towards EU retail sales to be release today. We expect oil & gas stocks to remain under pressure in view of the declining of crude oil prices, while the rebound on Nasdaq overnight may provide selective trading opportunities within the technology sector.
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