Opening Daily Highlight
Mixed
KLCI highest since Jan-23
Tue, 09-Jan-2024 08:05 am
by Research Team • Apex Research

• Malaysia Market Review. The FBM KLCI (+0.54%) extended its rally fora fourth day following gains by two-thirds of its component stocks. The lower liners also climbed higher on stronger trading liquidity, while the Construction sector (+1.54%) led gains across the board with only Telecommunication and Property sectors closed in red.

• Global Markets Review. Wall Street rallied overnight led by gains in technology stocks after Nvidia announced that the group could launch a China-focused AI chip in 2Q24. Similarly, European stock markets surged after inflation data in the region rebounded, while Asia stock markets ended mixed.

• Market Outlook. It was another bullish performance by the benchmark index after recently breaking the stubborn resistance of 1,465 which had been capped since July 2023. After the bullish performance, we are monitoring closely over the resistance of 1,500 as the strong rebound on Wall Street may see gains transpire towards the local bourse. The lower liners may continue to enjoy their extended gains amidst the robust liquidity and improved trading sentiment. Looking ahead, investors will be monitoring US CPI on Thursday and US PPI on Friday. Meanwhile, gold prices retreated ahead of the US inflation data. Following the weaker oil prices, we advocate traders to stay away from oil & gas related stocks today.

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