Opening Daily Highlight
Mixed
Market sentiment still lacklustre
Thu, 07-Dec-2023 07:53 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI extended its downward momentum (-0.25%) as selling pressure intensified, driven by regional weakness. On the other hand, the lower liners staged a recovery, while the utilities sector (+0.25%) outperformed the other sectors amid the on-going market volatility.
  • Global Markets Review. The US stock markets ended lower on rising concerns over potential recession should monetary policy skewed towards hawkish stance. European stock markets rose with mining and automotive stocks seeing a sharp turnaround, while Asia equity markets also rebounded.
  • Market Outlook. We anticipate continued volatility in the FBM KLCI over time, as investors exercise caution eagerly waiting for additional confirmation on US job data. 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 US jobless claims numbers to be release today. We expect oil & gas stocks to remain under pressure in view of the declining of crude oil prices, while the firmer gold prices may warrant a look onto gold-related stocks.
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