Opening Daily Highlight
Mixed
Rebound in store
Mon, 11-Dec-2023 08:14 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (-0.06%) declined for the fifth consecutive session due to ongoing profit-taking activities ahead year end. The lower liners advanced, while the energy sector (+1.03%) closed higher, taking cue from the rebound in crude oil prices.

• Global Markets Review. US stock markets closed higher with S&P 500 and Nasdaq hitting their highest closing levels since early 2022, propelled by a strong U.S. jobs data that instilled investor optimism towards a soft landing. Similarly, European stock markets closed green led by travel and leisure stocks, while Asia equity markets closed mixed following Japan's unexpected downward revision of their 3Q23 GDP.

• Market Outlook. We anticipate the FBM KLCI to stage a rebound for today, taking cue from the positive sentiment spillover from US market after stronger than expected job data. Investors will be looking ahead to this week’s Fed interest decision. We expect to see some trading opportunity in construction sector after Sultan Ibrahim express hope for HSR to revived. Meanwhile, we expect bargain hunting activities to emerge within the plantation and energy sector following the relief in both crude oil and palm oil prices.

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