Opening Daily Highlight
Mixed
MY-SG meeting in focus
Thu, 11-Jan-2024 08:58 am
by Research Team • Apex Research

Malaysia Market Review. The FBM KLCI (-0.80%) suffered from profit taking to snap its five-day winning streak with more than two third of the key index components closed in red. The lower liners also experienced a pullback albeit at a lower extent, led by a decline in the Healthcare sector.

Global Markets Review. Wall Street rebounded ahead of a flurry of corporate earnings releases later this week. European stock markets, however, struggled after European Central Bank (ECB) vice president Luis de Guindos painted a bleak picture in the region economy, while Asia stock markets ended mixed.

    Market Outlook. After the recent rally towards 1,500, investors have started to take profit and we expect the pullback to extend until the index finds its support level. Likewise, the lower liners may also brace for further weakness ahead after enjoying a decent run over recent weeks. Looking ahead, investors will be monitoring US CPI data today. Back home, the focus will turn towards the Malaysia industrial production and retail sales data. Meanwhile, trading interest is expected to focus towards Johor developments, particularly construction and property players ahead of the meeting between Prime Minister Datuk Seri Anwar Ibrahim and Singapore counterpart Lee Hsien Loong later today.

    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