Opening Daily Highlight
Mixed
Early Santa rally
Mon, 18-Dec-2023 07:53 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.43%) recorded its fifth day winning run, led by gains in more than two third of the key index components on last Friday. The lower liners were also upbeat, while the energy sector (+1.50%) outperformed in view of the recovery in crude oil prices.
  • Global Markets Review. US stock markets finished mixed as the Dow climbed +0.15%, but the S&P 500 and Nasdaq retreated as profit taking emerge from the recent extended run-up on expectations that the world largest economy may head for a soft landing. European stock markets ended mixed, while Asia stock markets finished mostly upbeat.
  • Market Outlook. We expect the recent rally on the local bourse to take a pause as investors may digest recent gains. Likewise, we opine that the lower liners may also take a breather from the recent extended rally, which pushed most stocks into the overbought territory. Still, a pullback is deemed to be healthy for recent gains to be digested to allow fresh legs to takeover. Nevertheless, we expect trading activities to be muted as we approach the year end festive season. The sharp rebound in aluminium prices may present some trading opportunities within selected building materials players.
Sentiment: Positive
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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