Opening Daily Highlight
Mixed
Off to a rocky start
Wed, 03-Jan-2024 07:58 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (-0.11%) started off the year on a slight downbeat manner, dragged down by weakness in selected plantation and oil & gas heavyweights yesterday. The lower liners also fared weaker, while the utilities sector (+2.80%) continues to anchor the sector winners list.

Global Markets Review. Wall Street ended mixed as investors digested the strong bull run at the end of 2023. European stock markets closed mostly downbeat, while Asia stock markets finished mixed with investors brushed off China’s Caixin Manufacturing PMI data rose to 50.8 in December 2023; the highest reading since August 2023.

    Market Outlook. Despite the underperformance yesterday, the key index managed to recoup most of its intraday losses before edging mildly lower. This implies that quick bargain hunting activities are on the fore to cushion any further potential downside. Still, we reckon that near term recovery remains elusive amid the absence of fresh leads on the domestic front. Also, investors are exercising caution ahead of the release of US FOMC minutes meeting to provide clues over the potential interest rate cut this year. Economic wise, investors will be keeping a close watch onto the release of US ISM manufacturing PMI data tonight. We expect the technology sector to mirror the negative performance on Nasdaq overnight.

    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