Opening Daily Highlight
Mixed
Inching higher towards end 2023
Fri, 29-Dec-2023 07:52 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.22%) posted slight gains following mild year-end window dressing as investors remained at the sidelines. Meanwhile, lower liners extended their gains, while the Technology sector (+0.75%) was the top performer and energy sector (- 0.27%) was the worst performer as the latter was affected by the decline in crude oil prices.

• Global Markets Review. US stock markets were mixed with the Dow and S&P inching higher while the Nasdaq edged lower after unemployment claims ticked slightly higher. European stock markets were negative, while Asia stock markets ended higher.

• Market Outlook. Despite the recent bullish performance in Wall Street, the local market remains lacklustre amid the absence of fresh leads. On the final trading day of the year, window dressing could take place among blue chips towards the closing bell, while the improving foreign direct investment at RM14.9bn in 3Q23 may also provide support for an extended recovery. We continue to expect the lower liners to build onto recent gains on the back of the calmer market conditions. Meanwhile, investors will be keeping a close tab onto US Chicago PMI data later tonight. We advocate investors to steer away from oil & gas stocks following the slump in crude oil prices following the recent attacks in the Red Sea.

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