Opening Daily Highlight
Mixed
Profit taking escalates
Fri, 22-Dec-2023 07:45 am
by Research team • Apex Research

  • Malaysia Market Review. The FBM KLCI (-0.61%) extended its decline with more than two third of the key index components closed in red yesterday. The lower liners remained mixed, while the plantation sector (+0.48%) outperformed following the recovery in crude palm oil prices. Meanwhile, the financial service sector (-1.12%) sank and wiped out all monthly gains.
  • Global Markets Review. US stock markets advanced as investors brushed off the downward revision of 3Q23 GDP data to 4.9% yoy and focus onto the personal consumption expenditure data that rose 2.0% yoy; signals for potential rate cuts on the table. European stockmarkets edged lower, while Asia stock markets closed mostly in red.
  • Market Outlook. Going forward, we expect some nibbling to take place, mirroring from the recovery on Wall Street overnight on the back of resumption in year-end window dressing activities. The lower liners, however, may consolidates with investors takes a break ahead of the extended weekend festive holiday with trading activities likely to simmer. Economic wise, Malaysia inflation rate alongside with the US consumer sentiment data will be in focus. We expect the technology sector to mirror the gains on Nasdaq overnight. Healthcare sector may also see improved trading interest following the resurgence of Covid-19 cases.
Sentiment: Negative
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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