Opening Daily Highlight
Mixed
Pullback prevails
Thu, 21-Dec-2023 07:53 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.08%) snapped a seven-day winning run as profit taking activities looms within selected Petronas-related and banking heavyweights yesterday. The lower liners ended mixed, while the healthcare sector (-1.45%) continues to retreat from the recent rally.
  • Global Markets Review. US stock markets staged a pullback despite consumer confidence data rose towards the highest level since early 2021, as sluggish earnings report from FedEx weighed onto the sentiment. European stockmarkets closed mostly higher, while Asia stock markets ended mixed after China kept benchmark lending rates unchanged.
  • Market Outlook. With the recent winning run comes to an end, we expect a consolidation to take shape to allow recent gains to be digested. Likewise, we expect the rally on the lower liners to come to a halt as stocks retraced from their overbought levels. Elsewhere, Wall Street’s upward run appears to be near infection point with investors taking this opportunity to lock in recent gains ahead of the extended weekend festive break. Going forward, investors will be monitoring onto the final reading of US 3Q23 GDP data later tonight. With volatility stepping into the spotlight, we advocate investors and traders to turn defensive with focus towards utilities and REIT sectors.
Sentiment: Negative
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Market Mover
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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