Opening Daily Highlight
Mixed
Sideways trend persists
Tue, 02-Jan-2024 08:22 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (-0.19%) ended on a weak note on the final day of the trading year as investors remained at the sidelines while waiting for new catalyst. The lower liners also extended their pullback, except for FBM ACE which rallied strongly. The utilities sector (+1.39%) outperformed the sectoral peers as investors turned defensive in anticipation of market volatility.

Global Markets Review. The US stock markets ended last Friday on a subdued note due to profit taking and rebalancing activities. European stock markets advanced, while Asian stock markets registered declines, except for China where gains were led by Chinese tech counters.

    Market Outlook. As we enter 2024, we remained optimistic on the local bourse as we anticipate ongoing expansion in market breadth throughout the new year. Nonetheless, we will closely monitor comments from various Federal Reserve speakers regarding potential rate cuts ahead of January’s meeting. Our preference continues to lean towards the technology sector, driven by significant support from the macro environment including the potential for reduced borrowing costs and the rise of artificial intelligence. In addition to that, we also hold a positive outlook on the construction sector as we foresee the government to roll out several massive infrastructure projects to stimulate the local economy.

    Sentiment: Neutral
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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