Opening Daily Highlight
Mixed
Extended positive momentum
Fri, 15-Dec-2023 08:29 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (+0.57%) ended higher yesterday, taking cue on positive developments spillover from the US

market overnight following the unchanged interest rates decision and a less-aggressive monetary stance by the Fed. All sectors closed green, led by healthcare sector (+3.52%) particularly in glove stocks.

• Global Markets Review. US stock markets rally extended following the Fed’s dovish stance and US retail sales unexpectedly rebound in November has bolstered investor confidence, fostering the expectations that 2024 will witness a soft landing. Similarly, European stock markets closed higher after BOE and ECB keep interests rate unchanged. Asia equity markets closed mixed as investors digest Fed’s move.

• Market Outlook. We expect the local market to sustain the positive momentum, influenced by the anticipated positive spillover from the foreign market overnight. A series of China economic data such as industrial production, retail sales and unemployment rate will be in focus today. We believe the technology sector may spearhead gains today, drawing inspiration from the spillover sentiment and the decline in US treasury yields to below 4.0%. Additionally, we anticipate increased buying activity in the energy sector due to recovery in oil prices. Moreover, there might be some profit-taking in glove stocks after a two-day rally.

Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

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