Opening Daily Highlight
Mixed
Swift rebound
Thu, 04-Jan-2024 08:03 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review. The FBM KLCI (+0.64%) recovered all of its previous session losses, driven by gains in more than two third of the key index constituents yesterday. The lower liners also turned upbeat with trading activities flourished, while the technology sector (-0.41%) was the sole underperformer.

Global Markets Review. Wall Street retreated as the Dow fell -0.76% following the hawkish tone delivered in the latest US FOMC minutes meeting. European stock markets ended in red, while Asia stock markets closed mostly negative following China’s government mixed messages on security and economy.

Market Outlook. The local bourse responded strongly to re-test the stiff resistance of 1,465 yesterday. Despite the improving market sentiment, we expect the key index further gains will be kept in check, premised to the renewed volatility on global markets with expectations of rate interest rate cuts from the US dimmed and cautiousness on China’s economic policies. Likewise, the lower liners have performed relatively well with the FBM Small Cap notching one of its best daily performances in recent years. Following the sharp ascend, profit taking activities may likely to take precedence. The energy sector may trade actively following the rebound in crude oil prices as a result of disruption at Libya’s top oilfield.

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