Opening Daily Highlight
Mixed
Expecting a Spillover Sentiment
Thu, 14-Dec-2023 08:06 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.06%) ended flat yesterday ahead US Federal Reserve interest rate decision. However, lower liners advanced, led by healthcare sector (+4.06%) particularly in glove stocks in view of optimistic in industry prospects, while Energy sector (-0.77%) after the crude oil prices retraced.

• Global Markets Review. US stock markets surged after the Fed kept interest rates unchanged and indicated that rates have reached the pinnacle, with a projected rate cut starting from next year. European stock markets closed flat ahead of the interest rate decision announcement. Asia equity markets ended mostly lower, led by declines in China stocks market.

• Market Outlook. We anticipate the local market to trade in positive territory, expecting spillover from the US market overnight following the unchanged interest rates decision and a less-aggressive monetary stance by the Fed. Going forward, central banks across European counterparts will be in focus ahead of the interest rates decisions, coupled with US retail sales data. We opine the technology sector may lead the gains today, taking cues from the spillover sentiment and the plummeting treasury yields in the US. Meanwhile, we expect glove stocks to extend their positive momentum, premised to the improved outlook in the industry.

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