Opening Daily Highlight
Mixed
Pullback beckons
Wed, 10-Jan-2024 08:14 am
by Research Team • Apex Research

  • Malaysia Market Review. The FBM KLCI (+0.21%) registered its fifth straight session of winning run, led by an extended rally in utilities giants. The lower liners, however, retreated on profit taking activities with the telco & media sector (-0.36%) underperformed.

  • Global Markets Review. Wall Street pared some of its previous session gains ahead of a flurry of corporate earnings releases later this week. European stock markets also struggled, while Asia stock markets ended mixed.

  • Market Outlook. Although the key index managed to notch higher, the increasing bouts of profit taking are setting into space with the local bourse reversing most of its intraday gains yesterday. We expect a pullback to take place over the interim as investors lock in their recent gains. Likewise, the lower liners may also brace for some weakness ahead after enjoying a decent run over recent weeks. Looking ahead, investors will be monitoring US inflation data to be release tomorrow. Back home, the focus will turn towards the Malaysia unemployment rate data that is expected to hold steady at 3.4%. We reckon some weakness to prevail over the technology sector, mirroring the weakness 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