Opening Daily Highlight
Mixed
Eyes onto Fed interest rate decision
Wed, 13-Dec-2023 07:56 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.05%) ended flat yesterday as investors stayed on the sidelines ahead of US key economic data and the Fed interest rate decision. The lower liners closed mixed, with the Telco & Media sector (+0.91%) leading the pack, while Healthcare sector (-1.14%) was the, mainly dragged by selling pressure in glove stocks.

• Global Markets Review. US stock markets closed green for the fourth consecutive day, buoyed by underwhelming inflation data that sustained expectations for an early rate cut next year. However, European stock markets closed lower, mainly dragged by oil & gas sector after the slide in crude oil prices. Asia equity markets ended mostly higher, led by rebounded in Hong Kong stocks market.

• Market Outlook. We anticipate the FBM KLCI to continue trade flat today ahead of the US Federal Reserve interest rate decision, coupled with the decline oil prices. For now, we expect the US Fed to stay pat onto their interest rate decision. Still, the reshuffling of cabinet ministers yesterday will provide some certainty towards the local political scene. We opine the technology sector may trade higher today, taking cue from the spillover sentiment from technology stocks in US. Meanwhile, energy-related stocks may experience selling pressure following with the plummeted in oil prices overnight.

Sentiment: Neutral
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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