Opening Daily Highlight
Mixed
Glove stocks gaining interest
Wed, 27-Dec-2023 07:58 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (-0.25%) remained flat on resumption of trading after the extended weekend festive break with investors retreated to the sidelines. However, the lower liners were higher with the healthcare sector (+0.99%) being the top performer and the industrial sector (-0.13%) was the worst performer.

• Global Markets Review. The US stock market surged overnight riding on the Santa Claus rally on the last trading week of the year to extend its eighth week winning streak. European stock markets were closed for Boxing Day, while Asia stock markets closed mixed. Investors will watch for today’s economic data on the US manufacturing industry.

• Market Outlook. Following the improved sentiment on Wall Street overnight, we reckon recovery could be overdue for the FBM KLCI after four consecutive sessions of decline. Expectations of final week window dressing may also lift sentiment on the local bourse. Still, the thinning trading activities may limit upside, if any. Going forward, investors will be keeping a close tab onto Malaysia’s Producer Price Index data today. Meanwhile, we expect the technology sector to trade higher, mirroring the gains on Nasdaq overnight. Also, the energy sector may take cue from the higher oil prices with Brent oil price rising above US$80/bbl.

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