Opening Daily Highlight
Mixed
Global markets bullish
Thu, 28-Dec-2023 07:54 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.24%) snapped a four-day losing streak on mild year-end window dressing as investors remained at the sidelines. Meanwhile, lower liners extended their gains, while the utilities sector (+0.57%) was the top performer and REITs (-0.25%) were the worst performer.

• Global Markets Review. US stock markets extended their gains overnight, riding on the Santa Claus rally with the S&P nearing its record high while the Nasdaq in on track for its best year since 2003, driven by anticipation over interest rate cut in 2024. European stock markets were also bullish, while Asia stock markets ended higher.

• Market Outlook. Despite the recent bullish performance in Wall Street, the local market remains lacklustre. With two trading days left, window dressing could take place among blue chips. We expect the lower liners to build onto recent gains on the back of the calmer market conditions. Still, any gains will be measured as trading activities thinned ahead of the extended weekend break. Economic wise, investors will watch over the US jobs and pending home sales data. Meanwhile, oil and gold prices edged lower on profit taking activities.

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